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 latest 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 prior 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 specialists.

Trading volumes have been much less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, 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 $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 sector, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat from an all-time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s current market is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to regular after the serious contract liquidations suffered a number of days before. Near to $6 billion worth of long later contracts were liquidated. The market has become trying to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders are also watching closely 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 marketplaces that are traditional have predicted that rising yields, typically a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which could send stocks lower.

Surging bond yields seemed to have less of an impact on bitcoin’s value 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 purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.

Many market indicators suggest that traders as well as investors remain largely 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 sector, the put-call open interest ratio, which measures the number of put options open relative to call options, remains under 1, and thus there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the newest 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 primarily silent 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 most of ether’s price action is in fact driven by bitcoin, as it is 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.”

Different markets Digital assets on the CoinDesk twenty had been mostly in natural Thursday. Important 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%
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 100 in Europe closed in the red 0.11 % after 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.
Commodities:

Oil was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % and at $1771.46 as of press time.
Treasurys:

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