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 were cautiously optimistic after the hottest 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 (four p.m. ET). Slipping 0.13 % over the previous twenty four 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 have been much less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in two 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 only four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above five dolars billion on Wednesday.
In the derivatives industry, bitcoin’s alternatives 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 is rather quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to normal after the acute agreement liquidations suffered a few days before. Near to $6 billion worth of night future contracts had been liquidated. The market place is currently seeking to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are likewise watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing worries regarding the sharply growing 10-year U.S. Treasury yields. Some analysts in markets that are standard have predicted that rising yields, usually a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which might send out stocks lower.
Surging bond yields seemed to have less of an effect 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 you will discover players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many market indicators suggest that traders and 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 positive about bitcoin’s long-term value.
On the options market, the put-call open interest ratio, which measures the number of put options open relative to call options, remains below 1, meaning that there continue to be more traders buying 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 largely silent on Thursday, mirroring the activity at the bitcoin niche and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that a lot of ether’s price action is actually 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 continue to check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 had been generally in green Thursday. Notable 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 % following investors became worried about the increasing 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 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 %.