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 Traders, as investors, and Thursday were cautiously optimistic after the hottest pullback, which took bitcoin’s selling 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 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 much lower than earlier in the week when traders scrambled to change 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 under $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above five dolars billion on Wednesday.

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

“Bitcoin’s current market is quite silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to normal once the serious arrangement liquidations suffered a few days before. Close to six dolars billion worth of long later contracts had been liquidated. The current market is currently seeking to consolidate above the $50,000 level.”

 

As FintechZoom noted earlier, traders are also watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears about the sharply growing 10-year U.S. Treasury yields. Some analysts in marketplaces which are regular have predicted that rising yields, usually a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which may send 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 early trading hours, moving in the exact opposite direction of equities.

“Every time bitcoin goes below $50,000 there are players accumulating, thus bringing the purchase 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 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 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 under 1, which means that there are still much more traders buying calls (bullish bets) than puts (bearish bets) despite the newest sell-off.

Ether moves with bitcoin amid a quiet 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 industry for ether was largely silent on Thursday, mirroring the activity at 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 in fact 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 read the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk twenty were generally in green 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 immediately.
The FTSE hundred in Europe closed in the white 0.11 % following investors became worried about the growing bond yields in the U.S.
The S&P 500 in the United States shut 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 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 %.