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 selling 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 preceding 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 technicians.
Trading volumes were much less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in 2 days, probably the biggest this kind of decline since the coronavirus driven sell-off of March 2020. The eight 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 somewhat above $5 billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday somewhat from an all time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to normal once the acute contract liquidations suffered a few days before. Near to six dolars billion worth of long later contracts were liquidated. The current market is now seeking to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are likewise watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising fears about the sharply growing 10 year U.S. Treasury yields. Several analysts in marketplaces that are traditional have predicted that rising yields, often a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which could send out stocks lower.
Surging bond yields seemed to have less of an effect on bitcoin’s selling price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes below $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, believed.
Several market indicators suggest that traders as well as investors remain mainly bullish after a volatile priced 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 alternatives industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains below one, and thus there are still more traders buying calls (bullish bets) than puts (bearish bets) despite the newest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was largely quiet on Thursday, mirroring the activity at 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 really 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 check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 were mostly in natural Thursday. Important 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 overnight.
The FTSE hundred in Europe shut 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 shut 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 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.