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 latest 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 % with the earlier 24 hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes were far lower than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in two days, probably the biggest this kind of decline since the coronavirus-driven sell off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot-trading volume of under four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday somewhat out of an all-time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to regular after the serious agreement liquidations suffered a few days ago. Near to $6 billion worth of long future contracts had been liquidated. The market has become attempting to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are also watching closely for any possible 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. Several analysts in traditional marketplaces have predicted that rising yields, typically a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have much less of an impact on bitcoin’s selling price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes below $50,000 you will discover players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Several market signals suggest that traders as well as investors remain largely 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 actually confident about bitcoin’s long-term value.
On the options sector, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under one, and thus there remain more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest 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 silent 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 most of ether’s price action is actually 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 will begin to check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 had 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 classic (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe closed in the white 0.11 % following investors became worried about the rising 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 at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.