Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading inside a narrowed range on Traders, as investors, and Thursday had been cautiously optimistic after the hottest pullback, which took bitcoin’s selling price down close to $45,000 earlier this week.
Bitcoin Price Today (BTC) trading around $49,194.33 as of 21:00 UTC (four p.m. ET). Slipping 0.13 % with the previous 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes have been much less than earlier in the week when traders scrambled to change positions as the market fell 15 % in two days, the biggest this sort of decline since the coronavirus driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of under $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday slightly from an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back to regular once the acute arrangement liquidations suffered a number of days ago. Close to six dolars billion worth of long later contracts had been liquidated. The current market is currently attempting to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing concerns about the sharply growing 10 year U.S. Treasury yields. Some analysts in traditional markets have predicted that rising yields, typically a precursor of inflation, may prompt the Federal Reserve to tighten monetary policy, which could send out stocks lower.
Surging bond yields seemed to have less of an effect 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 you can find players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market signals suggest that traders as well as investors remain mainly bullish after a volatile priced run earlier this week.
Large 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 one, and thus there remain more traders purchasing calls (bullish bets) than puts (bearish bets) despite the hottest 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 industry for ether was mostly quiet on Thursday, mirroring the activity in the bitcoin industry and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.
“It’s notable that a lot of ether’s price action is really driven by bitcoin, as it is still stuck in the range that it’s had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco based exchange OKCoin. “I would continue to check out the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk twenty had been mostly in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber network (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum classic (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe shut in the white 0.11 % after investors became concerned about the growing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors were spooked by the surging bond yields.
Oil was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % and also at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.