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 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 % over the earlier twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes had been much lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 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 only $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was somewhat above $5 billion on Wednesday.
In the derivatives market, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat out of an all time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is rather quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to normal once the serious contract liquidations suffered a number of days before. Close to six dolars billion worth of long later contracts had been liquidated. The current market is now seeking to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are also watching carefully for any potential 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 traditional marketplaces have predicted that rising yields, typically a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which may 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 early 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, believed.
Several market symptoms suggest that traders as well as investors remain mainly 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 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 one, meaning that there are still much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the latest 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 quiet on Thursday, mirroring the activity in the bitcoin market and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.
“It’s notable that many 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 continue to check out the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 have been generally in green Thursday. Important winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber network (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 overnight.
The FTSE 100 in Europe shut in the red 0.11 % after 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 also at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.