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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 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 % 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 had been much less than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in two days, probably the biggest such decline since the coronavirus-driven sell-off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot trading volume of only four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was somewhat above $5 billion on Wednesday.

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

“Bitcoin’s market place is rather noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to normal once the severe agreement liquidations suffered a number of days before. Near to $6 billion worth of night future contracts had been liquidated. The market place has become seeking to consolidate above the $50,000 level.”

 

As FintechZoom claimed earlier, traders also are watching closely for any possible 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. Several analysts in standard marketplaces have predicted that rising yields, often a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which might send stocks lower.

Surging bond yields seemed to have much less of an impact on bitcoin’s price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the 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, believed.

Several market indicators suggest that traders as well as investors remain mainly 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 actually confident about bitcoin’s long term value.

On the alternatives market, the put-call open interest ratio, which measures the number of put options open relative to call options, remains below 1, meaning that there remain much more traders buying calls (bullish bets) than puts (bearish bets) despite 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 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 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 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 go on to look at the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk 20 were generally 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 traditional (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 white 0.11 % after investors became concerned about the rising 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 %. 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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