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 had been cautiously optimistic after the hottest 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 earlier 24 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 far less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in two 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 less than $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.
In the derivatives industry, bitcoin’s options 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 after the severe arrangement liquidations suffered a few days ago. Close to $6 billion worth of long later contracts had been liquidated. The current market is now attempting to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are likewise watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing fears regarding the sharply growing 10-year U.S. Treasury yields. Some analysts in standard markets have predicted that rising yields, usually a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have less of an effect on bitcoin’s selling 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, 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 as well as investors remain mostly bullish after a volatile price 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 market, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below one, which means that there are still much more traders purchasing calls (bullish bets) than puts (bearish bets) despite the latest sell off.
Ether moves with bitcoin amid a quiet 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 industry for ether was mostly 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 the majority 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 continue to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 had been generally in green 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe shut in the white 0.11 % following investors became worried 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 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 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 %.