Wrapped Bitcoin (WBTC) Passed $70,000 and Then Fell Quickly. Is This the Start of a Bullish Trend?
The stablecoin Wrapped Bitcoin (WBTC) is up 2% today, trailing behind Bitcoin’s (BTC) 2.41% increase. Wrapped Bitcoin is now standing at $68,481.89 (WBTC/USD), but that could easily change very quickly.
This crypto’s price is erratic today, shooting up past $70,000 to hit $70,643.40 at its peak today, but now it is back down, having dropped considerably in a short period. That’s a lot of movement for this crypto, which almost always tends to trail slightly behind Bitcoin, which it shares a 1:1 price ratio with.
What This Might Mean for Wrapped Bitcoin
The erratic pattern Wrapped Bitcoin is showing as well as its drastic price change could indicate an impending bullish trend. A price spike in a short period of time is sometimes an indicator that a larger trend is on its way, so we’re watching Wrapped Bitcoin closely to see what it does. This is the highest we have seen Wrapped Bitcoin in its entire lifespan, as it is being pulled along by a very healthy Bitcoin. In fact, this is a new all-time high for both versions of Bitcoin.
If it seems like you’ve heard that statement recently, you’re not wrong. Bitcoin recently achieved a new all-time high and is working hard to change its lifetime average, establishing new levels of resistance as it pushes onward and upward. In other words, Bitcoin (and subsequently Wrapped Bitcoin) is very healthy, and there’s no telling how high it could go. This is a golden time for investors who had their money in Bitcoin and were just biding their time as they kept their faith in the top crypto.
The entire crypto market is up, but Bitcoin and Wrapped Bitcoin are definitely leading the way, surpassing the gains made by ether in the same period. The sky seems to be the limit for Wrapped Bitcoin at this time, as it pushes back toward the $70,000 level again, with its next key resistance level being $75,000. If it reaches that high, though, expect a quick market crash like we saw a few weeks ago when Bitcoin hit that new all-time high for the first time since April.
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