This morning is Wrapped Bitcoin (WBTC) up 1.77%, of course pulled up from the regular Bitcoin (BTC). The market as a whole is experiencing a prolonged low phase with a likely bottom. Analysts predict that Bitcoin and the larger market will turn around in the coming days and weeks, rising back to the USD 60,000 (BTC / USD) level.
WBTC / USD
Bitcoin has been falling since it got a new one in October All time high has reached. It took away all of the stablecoins related to it, including Wrapped Bitcoin, which has a one-to-one correspondence ratio to Bitcoin and is usually traded at almost the same price. The two coins have been going through the wrestler since shortly after peaking in November, and saw a massive drop earlier this month, plunging Bitcoin from $ 56,951 to $ 46,581 in about 20 hours.
Why the drop?
Several factors contributed to Bitcoin’s downtrend and continue to add to the current downtrend. At this time of year we tend to like lots of sell-offs on risky assets Cryptocurrencies to see. The crypto market has recently come under pressure from lawmakers as many countries talk about imposing restrictions on digital coins. In addition, China has practically and effectively eliminated the cryptocurrency market within its borders.
All of this has pushed the crypto market down, along with the fact that the crypto bubble has burst, at least temporarily. The market’s November highs were man-made in many ways and could not be sustained. The decline in early December is in part a reaction to the skyrocketing interest rates in November, and many analysts and investors expect the market to calm down and calm down very soon.
Is This a Good Time to Buy Packaged Bitcoins?
Since a trend reversal is expected for Bitcoin and Bitcoin shortly, many investors are watching closely when the price starts to rise. Today’s profit was minimal and potential investors need to be very aware of what this means for these cryptos. Prices are constantly fluctuating in small quantities, regardless of the overall trend. An increase by this amount doesn’t mean much in the bigger picture and hardly indicates a major upward trend.
If we look at the three-month chart from Bitcoin Right now, we may be seeing a price move similar to Bitcoin’s towards the end of November. From the 26th it stayed in a steady but low price range until it rose again.
If this happens here, it would be an excellent time to buy Wrapped Bitcoin. It is advisable to hold out a little longer just to see if the price continues to fall. What we may see is a brief pause before further downward movement. As unstable as the market is now and as excessively bearish as it has been recently, investors need to be very careful when investing any more money in the market. The upward movement at this point will most likely be minimal.
Source: Crypto News Deutsch