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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 Thursday, as investors and traders were cautiously optimistic after the hottest 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 (4 p.m. ET). Slipping 0.13 % with the previous 24 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 have been far lower than earlier in the week when traders scrambled to modify positions as the market fell 15 % 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 under four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was slightly above five dolars billion on Wednesday.

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

“Bitcoin’s market is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to regular once the acute arrangement liquidations suffered a few days ago. Near to $6 billion worth of night future contracts were liquidated. The current market has become trying to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders are likewise watching closely for any potential 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. Several analysts in traditional markets have predicted that rising yields, typically a precursor of inflation, may prompt the Federal Reserve to tighten monetary policy, which might send out stocks lower.

Surging bond yields seemed to have much less of an influence on bitcoin’s selling price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes under $50,000 you will discover players accumulating, therefore bringing the 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.

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 choices industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains under 1, meaning that there are still much more traders buying calls (bullish bets) than puts (bearish bets) despite the latest sell-off.

Ether moves with bitcoin amid a peaceful sector 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 market for ether was primarily quiet on Thursday, mirroring the activity at the bitcoin market and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.

“It’s notable that the majority of ether’s price action is actually 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 will begin to read the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk 20 have 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 standard (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 increasing 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 % as well as 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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