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 newest 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 % over the earlier 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 much lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in two days, the biggest this sort of decline since the coronavirus driven sell-off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot-trading volume of only $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday 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 thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is rather quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to normal once the acute arrangement liquidations suffered a few days before. Near to six dolars billion worth of night future contracts were liquidated. The market place has become seeking to consolidate above the $50,000 level.”
As FintechZoom claimed 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’ climbing concerns regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in markets that are standard have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have less of an influence 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 price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
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 positive about bitcoin’s long-term value.
On the alternatives sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, meaning that there continue to be more traders buying calls (bullish bets) than puts (bearish bets) despite the newest 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 market for ether was largely 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 actually 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 go on to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 were 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 standard (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe closed in the red 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.
Oil 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 %.