Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset

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 Thursday, as investors and traders had been cautiously optimistic after the newest pullback, which took bitcoin’s 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 % 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 technicians.

Trading volumes have been far 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 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 $5 billion on Wednesday.

In the derivatives sector, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday slightly from an all-time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s market place is fairly noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to ordinary once the serious contract liquidations suffered a number of days before. Close to $6 billion worth of night future contracts had been liquidated. The current market is now attempting to consolidate above the $50,000 level.”

 

As FintechZoom noted 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 traditional markets have predicted that rising yields, often a precursor of inflation, may encourage 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 value on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes below $50,000 there are players accumulating, thus bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.

Several market symptoms suggest that traders as well as investors remain mainly 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 confident about bitcoin’s long-term value.

On the options industry, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains under one, and thus there continue to be much more traders buying calls (bullish bets) than puts (bearish bets) despite 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 quiet on Thursday, mirroring the activity in the bitcoin industry 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 in fact 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 will begin to look at the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk twenty had been generally in green Thursday. Notable 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%
Important losers:

cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum standard (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe shut in the red 0.11 % after investors became concerned about the rising bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors had been spooked by the surging bond yields.
Commodities:

Oil was up 0.28 %. Price 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.
Treasurys:

The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.