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 Traders, as investors, and Thursday were 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 (four p.m. ET). Slipping 0.13 % with the previous 24 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 specialists.

Trading volumes were much less than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in 2 days, probably the biggest this kind of decline since the coronavirus-driven sell-off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot-trading volume of under 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 market, bitcoin’s options open interest is slowly returning after it dropped Tuesday slightly out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

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

 

As FintechZoom noted earlier, traders also are watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising concerns regarding the sharply growing 10-year U.S. Treasury yields. Several analysts in regular markets have predicted that rising yields, often a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which might send out stocks lower.

Surging bond yields seemed to have less of an influence on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes under $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, said.

Many market signals suggest that traders and 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 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 below one, 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 sector 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 industry for ether was largely quiet on Thursday, mirroring the activity in the bitcoin market 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 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 generally in natural Thursday. Important 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 classic (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe closed 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 closed down 2.45 % as investors were spooked by the surging bond yields.
Commodities:

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

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