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 (4 p.m. ET). Slipping 0.13 % over the previous 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes had been much lower than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in 2 days, 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 only 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 sector, 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 current market is quite silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back to normal after the acute contract liquidations suffered a number of days ago. Near to $6 billion worth of long future contracts had been 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 possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing concerns about the sharply growing 10 year U.S. Treasury yields. Several analysts in markets that are regular have predicted that rising yields, typically a precursor of inflation, may prompt the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s value 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 can find 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 as well as 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 positive 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, meaning that there continue to be much more traders buying calls (bullish bets) than puts (bearish bets) despite the hottest 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 quiet 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 most of ether’s price action is really 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 will begin to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty had been generally in green 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 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 % after investors became concerned about the growing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors were spooked by the surging bond yields.
Petroleum was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 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 %.