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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 were cautiously optimistic after the newest 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 prior twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-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 15 % in two days, 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 only $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was somewhat above five dolars billion on Wednesday.

In the derivatives industry, 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 fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back again to regular after the severe arrangement liquidations suffered a few days before. Near to six dolars billion worth of night future contracts were liquidated. The market is currently trying 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 worries regarding the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are regular have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which could send out stocks lower.

Surging bond yields seemed to have less of an influence on bitcoin’s 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 you can find players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Many market indicators suggest that traders as well as investors remain mostly 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 confident about bitcoin’s long term value.

On the choices sector, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, and thus there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the latest sell-off.

Ether moves with bitcoin amid a peaceful 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 market for ether was primarily quiet on Thursday, mirroring the activity at 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 actually 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 will begin to check out the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk twenty were generally in natural Thursday. Notable 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 shut in the red 0.11 % following 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 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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