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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 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 (four p.m. ET). Slipping 0.13 % over the earlier 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 far lower than earlier in the week when traders scrambled to change positions as the market fell 15 % in 2 days, probably the biggest such decline since the coronavirus driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot-trading volume of less than four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was somewhat above $5 billion on Wednesday.

In the derivatives market, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday somewhat from an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market is quite quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to normal after the severe contract liquidations suffered a few days before. Near to six dolars billion worth of long later contracts were liquidated. The market place is currently seeking to consolidate above the $50,000 level.”

 

As FintechZoom reported 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’ rising concerns about the sharply growing 10-year U.S. Treasury yields. Some analysts in marketplaces which are standard have predicted that rising yields, often a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which might send out 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 early trading hours, moving in the exact opposite direction of equities.

“Every time bitcoin goes under $50,000 you will discover players accumulating, thus bringing the 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 largely bullish after a volatile price 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 industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains under 1, and thus there are still much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the newest sell off.

Ether moves with bitcoin amid a peaceful 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 mostly silent on Thursday, mirroring the activity in the bitcoin niche 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 really driven by bitcoin, as it is 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 continue to look at the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk 20 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%
Notable 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 100 in Europe shut in the red 0.11 % following investors became worried about the growing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors had been 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 % as well as 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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