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 newest 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 (four p.m. ET). Slipping 0.13 % over the earlier twenty four 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 were far lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in 2 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 only 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 industry, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of about thirteen dolars 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 actually going again to ordinary after the severe arrangement liquidations suffered a few days before. Close to $6 billion worth of long future contracts were liquidated. The market has become seeking to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders are also watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears about the sharply growing 10-year U.S. Treasury yields. Some analysts in markets that are traditional have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which might 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 opposite direction of equities.
“Every time bitcoin goes under $50,000 you will discover players accumulating, therefore bringing the purchase 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 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 actually confident about bitcoin’s long term value.
On the choices industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below one, and thus there continue to be much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the newest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily silent on Thursday, mirroring the activity in the bitcoin niche and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that the majority of ether’s price action is really 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 check out the ETH/BTC pair.”
Different 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 red 0.11 % following 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.
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 %.