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Wrapped Bitcoin (WBTC) continues to rise. Could it be bullish?

The market is slightly up today, with Bitcoin (BTC) leads the way with a 1.18% gain, dragging the rest of the market with it. stablecoin Wrapped Bitcoin (WBTC) is up 1.26% to take the WBTC price to $39,030.48 (WBTC/USD). There is hope that this is the start of an upward movement for the crypto stablecoin and the larger market.


How does Wrapped Bitcoin work?

This 1.26% surge may not seem like much, but a broader look at Wrapped Bitcoin and Bitcoin shows them steadily rising. As of late Tuesday, Wrapped Bitcoin is up — a 3.7% gain. This comes after several days of minimal movement, which means that something much bigger could be in store for us in the next few days.

The crypto market has been unstable lately, moving erratically and seeing some brief upsides every now and then, despite a global economy struggling through inflation and ongoing war in Ukraine.

Over the past 30 days, Wrapped Bitcoin and Bitcoin have gradually moved lower, from a high of $46,783 to a low of $37,723 yesterday. With only a minor move higher since yesterday, is there any real hope that this crypto will reverse and turn bullish for an extended period of time?

Should we expect an uptrend?

What we are seeing may only indicate short-term bullish action. The WBTC price could pull back lower ahead of the weekend, continuing the overall bearish trend, but a breakout may be due. What could signal a change in overall momentum for this crypto and the broader market would be if Wrapped Bitcoin pulls back above $40,000 and stays there for a few days. That could give him the basis to move up for a while longer.

With Wrapped Bitcoin trending down for so long, expect investors to take advantage of the bottom and start buying tokens while the price is right. That could spur growth and push this crypto back above $40.00 and help push it further, at least in the short-term.

In the long term, it doesn’t seem like bitcoin or wrapped bitcoin is going anywhere, but the short-term window shows a different perspective. There is potential for these cryptos to lead the market in an uptrend that could last all weekend.

Source: Crypto News Deutsch

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