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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 value 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 % with the prior 24 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 technicians.

Trading volumes have been much less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in two 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 only $4 billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday 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 from an all time peak of about $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market is fairly noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back again to regular after the serious arrangement liquidations suffered a number of days ago. Close to six dolars billion worth of night future contracts had been liquidated. The market has become seeking to consolidate above the $50,000 level.”

 

As FintechZoom reported 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 fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces which are traditional have predicted that rising yields, often a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which may send stocks lower.

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

“Every time bitcoin goes below $50,000 you can find players accumulating, therefore 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 price run earlier this week.

Huge outflows from institution driven exchange Coinbase Pro to custody wallets imply that institutional investors are actually confident about bitcoin’s long term value.

On the options market, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains under one, and thus there are still much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).

The market for ether was largely 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 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 go on to read the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk twenty were mostly in natural Thursday. Notable 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%
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 immediately.
The FTSE 100 in Europe closed in the white 0.11 % following investors became worried about the increasing 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:

Oil was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 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 %.

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