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 Thursday, as investors and traders had been cautiously optimistic after the newest 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 preceding twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes were far less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in 2 days, probably the biggest this kind of decline since the coronavirus driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot-trading volume of only $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.
In the derivatives sector, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday somewhat from an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is rather silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to regular after the severe agreement liquidations suffered a number of days ago. Close to six dolars billion worth of long later contracts were liquidated. The market is currently attempting to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are likewise watching closely for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears regarding the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are traditional have predicted that rising yields, often a precursor of inflation, may induce the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have much less of an impact on bitcoin’s value on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes below $50,000 you can find players accumulating, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many market signals suggest that traders and investors remain largely bullish after a volatile price run earlier this week.
Large outflows from institution driven exchange Coinbase Pro to custody wallets imply that institutional investors are actually confident about bitcoin’s long-term value.
On the options sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains under one, which means that there continue to be much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest sell off.
Ether moves with bitcoin amid a quiet market 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 largely quiet on Thursday, mirroring the activity at the bitcoin niche 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 go on to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 had been mostly in natural 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 immediately.
The FTSE 100 in Europe closed in the white 0.11 % following investors became worried about the growing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors had been spooked by the surging bond yields.
Oil was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 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 %.