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 Traders, as investors, and Thursday were cautiously optimistic after the newest 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 twenty four 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 adjust positions as the market fell 15 % in two days, probably the biggest this kind of 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 Tuesday and Monday and was somewhat above five dolars billion on Wednesday.

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

“Bitcoin’s market is fairly quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back again to ordinary once the severe agreement liquidations suffered a number of days before. Close to $6 billion worth of night later contracts were liquidated. The market place has become seeking to consolidate above the $50,000 level.”

 

As FintechZoom claimed earlier, traders are likewise watching closely for any possible 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. Several analysts in markets that are standard have predicted that rising yields, usually a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which could send out stocks lower.

Surging bond yields seemed to have much less of an influence on bitcoin’s price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial 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 indicators suggest that traders and investors remain mostly bullish after a volatile price run earlier this week.

Large 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 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 remain more traders purchasing 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).

The industry for ether was largely silent on Thursday, mirroring the activity in the bitcoin market and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.

“It’s notable that a lot of ether’s price action is actually driven by bitcoin, as it is 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 will begin to check out the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk 20 had been generally in natural Thursday. Notable 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%
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 overnight.
The FTSE hundred in Europe shut 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 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % as well as at $1771.46 as of press time.
Treasurys:

The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.

This entry was posted in Cryptocurrency. Bookmark the permalink.