Bitcoin (BTC) trading around $52,184.38 as of 20:00 UTC (4 p.m. ET). Slipping 4.77% over the previous 24 hours.
Bitcoin’s 24-hour range: $50,458.10-$54,762.75 (CoinDesk 20)
BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Bitcoin traders urged caution as prices for the cryptocurrency slid toward $50,000 for the first time in two weeks while the options market braced for volatility ahead of a record $6 billion contract expiration Friday.
“This is a time to make sure that you have some dry powder and are not overextended,” Chad Steinglass, head of trading at CrossTower, said in an emailed comment. “It seems as though buyers are stepping back, and instead of buying the dip are simply waiting on the sidelines to see what happens.”
The largest cryptocurrency was unchanged to slightly lower Thursday, at around $52,100 as of 19:19 UTC (3:19 p.m. ET). Earlier, prices slid as low as $50,360. Bitcoin hasn’t traded below $50,000 since March 8, well off its all-time high above $61,000.
U.S. stocks were barely