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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 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 (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 below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.

Trading volumes had been far lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, probably the biggest this kind of decline since the coronavirus driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of only $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 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 quite silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going again to normal once the acute contract liquidations suffered a few days ago. Close to $6 billion worth of night future contracts were liquidated. The current market has become attempting to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders are also watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing concerns about the sharply growing 10-year U.S. Treasury yields. Several analysts in traditional markets have predicted that rising yields, often a precursor of inflation, may encourage the Federal Reserve to tighten monetary policy, which might send out stocks lower.

Surging bond yields seemed to have much less of an effect 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 below $50,000 there are players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Many market signals suggest that traders and investors remain mainly bullish after a volatile priced run earlier this week.

Large 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 market, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below one, which means that there are still much more traders buying calls (bullish bets) than puts (bearish bets) despite the hottest 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 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 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 most of ether’s price action is in fact driven by bitcoin, as it’s still stuck in the range that it has had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco-based exchange OKCoin. “I would continue to look at the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk 20 were 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%
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 red 0.11 % following investors became concerned about the rising 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:

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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