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 Thursday, as investors and traders were cautiously optimistic after the newest 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 (4 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 beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes had been much less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in two days, the biggest this sort of decline since the coronavirus-driven sell-off of March 2020. The eight 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 ten dolars billion on Tuesday and Monday and was slightly above $5 billion on Wednesday.
In the derivatives sector, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to ordinary once the serious contract liquidations suffered a few days before. Near to six dolars billion worth of night future contracts had been liquidated. The market place is now seeking to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising fears regarding the sharply growing 10-year U.S. Treasury yields. Several analysts in markets that are regular have predicted that rising yields, often a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s price 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 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 symptoms suggest that traders and investors remain largely 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 actually confident about bitcoin’s long term value.
On the alternatives industry, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains under 1, which means that 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 market 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 primarily quiet 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 most 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 continue to check out the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 had been generally 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 100 in Europe closed in the white 0.11 % after investors became concerned about the rising bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors were 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 red 1.84 % and also at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.