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 Traders, as investors, and Thursday were cautiously optimistic after the hottest 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 (four p.m. ET). Slipping 0.13 % over the preceding 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 technicians.
Trading volumes were much lower than earlier in the week when traders scrambled to modify positions as the market fell 15 % in two days, probably the biggest such 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 four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was somewhat above $5 billion on Wednesday.
In the derivatives sector, bitcoin’s alternatives open interest is slowly returning after it dropped Tuesday slightly out of an all time peak of about thirteen dolars 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 actually going back again to regular once the acute arrangement liquidations suffered a number of days ago. Near to $6 billion worth of night future contracts were liquidated. The market place is now seeking to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are likewise watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing worries about the sharply growing 10-year U.S. Treasury yields. Several analysts in regular markets have predicted that rising yields, typically a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which may send out stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s selling price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes under $50,000 there are 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 mainly 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 market, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, and thus there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the newest sell-off.
Ether moves with bitcoin amid a peaceful sector Ether (ETH), the second-largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily quiet on Thursday, mirroring the activity in the bitcoin market 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 in fact driven by bitcoin, as it’s 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 go on to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty have been generally in natural 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe shut in the red 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 % and also at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.