Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading within a narrowed range on Thursday, as investors and traders were cautiously optimistic after the latest pullback, which took bitcoin’s value down close to $45,000 earlier this week.
Bitcoin Price Today (BTC) trading around $49,194.33 as of 21:00 UTC (4 p.m. ET). Slipping 0.13 % over the earlier 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes have been far lower than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in two days, the biggest this sort of decline since the coronavirus-driven sell off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot-trading volume of less than $4 billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.
In the derivatives sector, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat out of an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is quite quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to ordinary once the acute contract liquidations suffered a number of days before. Close to $6 billion worth of night future contracts were liquidated. The market has become attempting to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are also watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing fears about the sharply growing 10-year U.S. Treasury yields. Several analysts in regular marketplaces have predicted that rising yields, often a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes under $50,000 there are players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market indicators suggest that traders as well as investors remain mostly bullish after a volatile price run earlier this week.
Huge outflows from institution-driven exchange Coinbase Pro to custody wallets imply that institutional investors are positive about bitcoin’s long term value.
On the alternatives industry, the put-call open interest ratio, which measures the number of put options open relative to call options, remains under 1, which means that there remain more traders purchasing calls (bullish bets) than puts (bearish bets) despite the latest sell-off.
Ether moves with bitcoin amid a quiet sector Ether (ETH), the second largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in 24 hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily quiet on Thursday, mirroring the activity at the bitcoin industry and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that many of ether’s price action is actually driven by bitcoin, as it is still stuck in the range that it has had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco based exchange OKCoin. “I would will begin to check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 were mostly in green Thursday. Important winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber networking (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe closed in the red 0.11 % after investors became worried about the increasing bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors had been spooked by the surging bond yields.
Petroleum was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.