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 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 earlier 24 hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.

Trading volumes were much lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in two days, 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 less than $4 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 market, bitcoin’s alternatives open interest is slowly returning after it dropped Tuesday slightly out of 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 transaction platform Wirex, said. “Its derivatives market is actually going again to normal after the acute agreement liquidations suffered a number of days before. Near to six dolars billion worth of long future contracts had been liquidated. The current market is now seeking to consolidate above the $50,000 level.”

 

As FintechZoom noted earlier, traders are also watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears regarding the sharply growing 10-year U.S. Treasury yields. Some analysts in standard markets have predicted that rising yields, often a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which may send out stocks lower.

Surging bond yields seemed to have much less of an influence on bitcoin’s price 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 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.

Many market signals 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 options industry, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, meaning that there are still much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the hottest 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 largely silent on Thursday, mirroring the activity at the bitcoin industry 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 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 read the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk 20 had been mostly in natural 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 classic (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe closed in the red 0.11 % after investors became worried 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 %. Price 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 %.