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 had been 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 (four p.m. ET). Slipping 0.13 % over the preceding 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 specialists.
Trading volumes have been far less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, probably 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 Monday and Tuesday and was slightly above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s options open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is quite noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to regular once the acute arrangement liquidations suffered a number of days before. Close to $6 billion worth of long later contracts had been liquidated. The market has become attempting to consolidate above the $50,000 level.”
As FintechZoom claimed 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’ growing fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in regular marketplaces have predicted that rising yields, typically a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which might send stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s selling price on Thursday. The No. one 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.
Many market symptoms suggest that traders as well as investors remain largely 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 positive about bitcoin’s long-term value.
On the choices sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains under one, meaning that there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the hottest 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 market for ether was mostly silent on Thursday, mirroring the activity at the bitcoin industry 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 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 will begin to look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 were mostly in natural 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 100 in Europe closed in the white 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 were 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 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 %.