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 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 twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes were far less than earlier in the week when traders scrambled to change positions as the market fell 15 % in 2 days, the biggest such 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 $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 opportunities open interest is slowly returning after it dropped Tuesday slightly from an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is fairly quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going again to regular once the serious arrangement liquidations suffered a few days before. Close to six dolars billion worth of long future contracts were liquidated. The market place is now trying to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears about the sharply growing 10 year U.S. Treasury yields. Several analysts in markets that are traditional have predicted that rising yields, often a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which might send out stocks lower.
Surging bond yields seemed to have much 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 can find players accumulating, thus bringing the purchase 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 options industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains under 1, meaning that there remain more traders buying calls (bullish bets) than puts (bearish bets) despite the latest 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was primarily 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 the majority of ether’s price action is really 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 go on to look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 have been mostly 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe shut 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 closed down 2.45 % as investors had been spooked by the surging bond yields.
Oil was up 0.28 %. Cost 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 %.