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 hottest 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 % with the prior twenty four 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 have been far less than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 days, 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 under $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday slightly from an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is fairly silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going again to ordinary after the serious agreement liquidations suffered a few days ago. Near to six dolars billion worth of long later contracts had been 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’ climbing worries about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces which are standard have predicted that rising yields, typically a precursor of inflation, may encourage the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have much less of an effect on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes below $50,000 there are players accumulating, thus 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.
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 market, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains under 1, and thus there continue to be much more traders buying 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 largely silent on Thursday, mirroring the activity in the bitcoin industry 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 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 read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 have been mostly in natural Thursday. Notable 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 classic (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe closed in the white 0.11 % following investors became concerned about the increasing 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 white 1.84 % and at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.