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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 hottest 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 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 technicians.

Trading volumes have been far lower than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 days, the biggest this kind of decline since the coronavirus-driven sell off of March 2020. The 8 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 ten dolars billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.

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

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

 

As FintechZoom noted earlier, traders also are watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing concerns about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces which are standard have predicted that rising yields, usually a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which could send out stocks lower.

Surging bond yields seemed to have less of an effect on bitcoin’s value 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 below $50,000 there are players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Several market signals suggest that traders and investors remain mostly 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 actually positive about bitcoin’s long-term value.

On the alternatives 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 buying calls (bullish bets) than puts (bearish bets) despite 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 24 hours as of 21:00 UTC (4:00 p.m. ET).

The market for ether was mostly silent 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 in fact 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 twenty had been 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%
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 closed in the red 0.11 % after investors became concerned 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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