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 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 % over the prior 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 had been much lower than earlier in the week when traders scrambled to change 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 $10 billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.

In the derivatives sector, bitcoin’s options open interest is slowly returning after it dropped Tuesday somewhat out of an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s market is rather silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back again to ordinary after the severe contract liquidations suffered a few days before. Close to six dolars billion worth of long future contracts had been liquidated. The market is now 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’ growing worries about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are standard have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which may send stocks lower.

Surging bond yields seemed to have much less of an effect on bitcoin’s value on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the exact opposite direction of equities.

“Every time bitcoin goes below $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, believed.

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 confident 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 under 1, and thus there remain more traders buying calls (bullish bets) than puts (bearish bets) despite the hottest 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 24 hours as of 21:00 UTC (4:00 p.m. ET).

The industry for ether was mostly quiet 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 the majority of ether’s price action is actually 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 read the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk twenty have been generally in green 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 standard (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe shut in the white 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 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 red 1.84 % and also at $1771.46 as of press time.
Treasurys:

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