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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 inside a narrowed range on Thursday, as investors and traders had been cautiously optimistic after the hottest 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 % over the prior twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.

Trading volumes were far lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in 2 days, the biggest this kind of 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 somewhat above $5 billion on Wednesday.

In the derivatives market, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat out of an all-time peak of about $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market is quite noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to regular once the serious agreement liquidations suffered a few days ago. Near to $6 billion worth of long future contracts were liquidated. The market has become attempting to consolidate above the $50,000 level.”

 

As FintechZoom noted earlier, traders also are 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. Several analysts in marketplaces which are regular have predicted that rising yields, typically a precursor of inflation, may induce 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 selling price 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 under $50,000 there are players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Several market signals suggest that traders and investors remain mainly 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 positive 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 below one, which means that 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).

The market for ether was primarily 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 many of ether’s price action is in fact 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 read the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk 20 had been generally in green 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%
Notable losers:

cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum traditional (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 % following investors became worried about the rising 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:

Petroleum was up 0.28 %. Price 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 %.

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