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 (four p.m. ET). Slipping 0.13 % with the preceding twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.

Trading volumes had been much lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in two days, the biggest such decline since the coronavirus driven sell-off of March 2020. The eight 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 Tuesday and Monday and was somewhat above five dolars billion on Wednesday.

In the derivatives sector, bitcoin’s alternatives open interest is slowly returning after it dropped Tuesday slightly from an all time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s current market is rather silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back again to ordinary after the acute arrangement liquidations suffered a number of days before. Near to six dolars billion worth of long later contracts had been liquidated. The current market is currently attempting to consolidate above the $50,000 level.”

 

As FintechZoom reported 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’ rising fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are traditional have predicted that rising yields, typically a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which might send out 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 early trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes under $50,000 you can find players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.

Several market symptoms suggest that traders as well as investors remain mainly bullish after a volatile priced 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 alternatives industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under one, and thus there continue to be more traders purchasing 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 primarily silent 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 many of ether’s price action is really driven by bitcoin, as it is 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 mostly in green 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 shut 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 %. 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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