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 newest 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 (four p.m. ET). Slipping 0.13 % with the earlier twenty four 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 had been much less than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in two days, the biggest this sort 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 $4 billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.

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

“Bitcoin’s market is quite silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to ordinary once the acute agreement liquidations suffered a few days ago. Close to six dolars billion worth of night later contracts were liquidated. The current market has become seeking to consolidate above the $50,000 level.”

 

As FintechZoom noted earlier, traders are also watching closely for any potential 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 standard markets have predicted that rising yields, typically a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which might send stocks lower.

Surging bond yields seemed to have much 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 opposite direction of equities.

“Every time bitcoin goes under $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, said.

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 actually positive about bitcoin’s long term value.

On the alternatives sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, meaning that there continue to be much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the latest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).

The industry for ether was mostly silent on Thursday, mirroring the activity in 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 will begin to check out the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk 20 were generally in natural Thursday. Important winners as of 21:00 UTC (4:00 p.m. ET):

cardano (ADA) + 9.22%
kyber network (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
Notable 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 overnight.
The FTSE hundred in Europe closed in the white 0.11 % following investors became worried about the rising bond yields in the U.S.
The S&P 500 in the United States closed 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 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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