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 were cautiously optimistic after the latest pullback, which took bitcoin’s price 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 prior 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 were far lower than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 days, probably the biggest such 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 ten dolars billion on Tuesday and Monday 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 aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to regular after the acute arrangement liquidations suffered a few days ago. Close to $6 billion worth of night later contracts were liquidated. The market is now 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’ rising concerns about the sharply growing 10-year U.S. Treasury yields. Several analysts in marketplaces which are regular have predicted that rising yields, typically a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which could send out stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s price on Thursday. The No. one 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 will discover players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Several market symptoms suggest that traders and investors remain largely 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 confident about bitcoin’s long-term value.
On the alternatives sector, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, meaning that there remain much 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was primarily silent on Thursday, mirroring the activity at the bitcoin market and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.
“It’s notable that most of ether’s price action is in fact driven by bitcoin, as it’s 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 had been mostly in natural Thursday. Important 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 immediately.
The FTSE hundred in Europe shut in the white 0.11 % after investors became worried about the rising 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.
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 %.