Wrapped Bitcoin Price Analysis: WBTC Plunge -0.6%, How Low Will It Drop?


  • WBTC faces medium-term resistance at $20,857.22.
  • First support level for Wrapped Bitcoin is at $18,370.46.
  • The current trading volume of Wrapped Bitcoin is at $122,598,889.00.
  • Wrapped Bitcoin’s EMA(10) shows a upward trend.

04 February 2023 : In this article we will walk you through Wrapped Bitcoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Wrapped Bitcoin, Is WBTC a good investment? Wrapped Bitcoin support & resistance levels etc. But before diving deep into the WBTC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,083,094,692,748. The total trading volume stands at $51,160,859,926. Bitcoin shares 41.6 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $23,368.90 level after a decline of -0.54%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.89 percent reaching to $1,660.96 during the previous 24 hours.
While publishing this blog, BNB traded at $329.43, following a price change of 1.05% within the same time frame. XRP the native coin of XRP is down by -0.14 and currently trading at $0.41. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Wrapped Bitcoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Wrapped Bitcoin (WBTC)

WBTC Resistance Levels WBTC Support Levels
Resistance Level 1 $20,080.54 Support Level 1 $18,370.46
Resistance Level 2 $20,857.22 Support Level 2 $17,437.06
Resistance Level 3 $21,790.62 Support Level 3 $16,660.38

Wrapped Bitcoin Performance

WBTC has recorded a downtrend, losing -0.6% in last 24 hours. The current value of Wrapped Bitcoin is hovering at $23,329.97 with the trading volume of $122,598,889.00 USD in the same timeframe. The overall marketcap for WBTC is $4,114,183,411.00 USD while the coin price changes 1.76% over the week.

Wrapped Bitcoin Price Analysis

WBTC price analysis for 04 February 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Wrapped Bitcoin.

Moving Averages Price Indicator
Simple Moving Average (10) 19,274.60 Buy
Exponential Moving Average (10) 19,319.07 Buy
Simple Moving Average (20) 19,459.22 Buy
Exponential Moving Average (20) 19,464.93 Buy
Simple Moving Average (50) 19,681.40 Buy
Exponential Moving Average (50) 19,675.04 Buy

The MACD line is standing below of the signal line after a crossover. Wrapped Bitcoin investors need to wait for any directional change over the daily chart. RSI implying near oversold phase while trading at 33 and is trying to break out of the bearish zone. While WBTC’s Williams %R indicator is at -41.436 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

According to the Wrapped Bitcoin (WBTC) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.