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 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 prior 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 change positions as the market fell 15 % in 2 days, probably 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 less than four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s alternatives open interest is slowly returning after it dropped Tuesday slightly from an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is quite silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going again to regular once the acute contract liquidations suffered a few days before. Close to $6 billion worth of night future contracts were liquidated. The market place is currently trying to consolidate above the $50,000 level.”
As FintechZoom noted 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’ climbing concerns about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces that are standard have predicted that rising yields, often a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which may 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 early trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes below $50,000 you will discover players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market signals suggest that traders and investors remain mostly 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, which means that there remain much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of 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 twenty four 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 most of ether’s price action is in fact 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 look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 have been generally in natural 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 classic (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe closed in the red 0.11 % after investors became worried about the increasing 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 %. 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 %.