Wrapped Bitcoin (WBTC) No Longer Bullish, but Where Is It Headed?
Wrapped Bitcoin (WBTC) was up 6.24% on the 28th, just a few days ago. What’s amazing is that even though it is no longer experiencing a bullish movement, it hasn’t lost its gains either. It is holding onto the increases it earned over the last week and staying steady around the $47,000 mark at $47,278 (WBTC/USD) today.
How Wrapped Bitcoin Has Improved
Wrapped Bitcoin is enjoying a trade volume of $173 million right now, which is down 15% over the last 24 hours, but it’s still a healthy volume of trade for any cryptocurrency. This stablecoin is linked to Bitcoin’s (BTC) progress, moving as it moves, and today, Bitcoin is at $47,400 (BTC/USD). It is up today, but just by 0.34%, also holding onto its gains from the previous few days.
Wrapped Bitcoin is experiencing the boost from a healthy market and is up quite a bit from where it was on the 24th, at $42,823. It has moved up nearly $5,000 since then, which is why several analysts had pegged the stablecoin as extremely bullish the last few days.
With the overall market looking positive, there is potential for cryptos like WBTC to move higher.
Where Is It Going?
Wrapped Bitcoin is one of the top cryptocurrencies, ranked #17 overall, so it often has plenty of trade value. Its dollar value is intrinsically tied to Bitcoin by design, so we don’t expect the numbers there to deviate much from where Bitcoin is at. What matters for Wrapped Bitcoin is the trade volume more than anything, but unlike some other stablecoins, Wrapped Bitcoin’s dollar value does change frequently.
We do think there is potential for Bitcoin (and by extension, Wrapped Bitcoin) to move much higher in the next few days. Over the weekend, we expect to see some movement from these cryptos and the rest of the market. It’s hard to say at this point whether that movement will be in the positive or negative direction, though.
Even if Wrapped Bitcoin drops a bit over this weekend, it is likely that it will move back up to where it is now and edge closer to the $48,000 mark over the next few weeks. Despite the ongoing conflict in Ukraine, the global financial markets have managed to do well recently and proved their vitality through action like this week’s bullish trend.
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