- WBTC has been seeing a lot of activity after actions from whales resulted in a drop in exchange supply.
- At press time, WBTC was worth $29,595.75 after its price climbed by more than 2% over the past day.
- A daily close today above the 20-day EMA line could see WBTC’s price climb to above $30K.
Wrapped Bitcoin (WBTC) is seeing a lot of activity today after two 2,000 WBTC moves resulted in a drop in exchange supply, according to a post shared on Twitter by the on-chain analytics platform Santiment. Subsequently, CoinMarketCap indicated that WBTC was trading hands at $29,595.75 after its price rose by 2.35% over the past day of trading.
This meant that WBTC was trading a tad closer to its daily high of $29,915.97 than its 24-hour low of $28,740.91. Santiment also pointed out that WBTC’s transaction volume was at its highest level in more than a month. CoinMarketCap indicated that WBTC’s 24-hour trading volume rose by 3.11% since yesterday.
As a result, its volume stood at around $177,737,527. The boost in WBTC’s price in the past 24 hours also ended up flipping its weekly performance back into the green zone to +1.29%.
With a market cap of $4,789,481,054, WBTC secured its position as the 15th largest cryptocurrency by market capitalization, just behind Shiba Inu (SHIB) in the 14th spot.
At the end of their Tweet, Santiment reminded traders that WBTC’s performance could have an impact on the cryptocurrency market leader, Bitcoin (BTC), which also saw its price rise by more than 2% over the past day.
WBTC was able to break above the 9-day and 20-day EMA lines over the past 48 hours. In the last day, however, the cryptocurrency’s price had retraced to trade between the two technical indicators at press time. If WBTC is able to close today’s daily candle above the 20-day EMA line at $29,616.53, then it may flip the $30K resistance into support.
A break above the psychological $30K level could result in WBTC climbing to the next resistance level at $30,860 in the following few days. This bullish thesis will be invalidated if WBTC closes today’s daily candle below the 9-day EMA line at $29,466.13.
In this scenario, WBTC could be at risk of testing the major support level at $28,530. Continued sell pressure may also force WBTC’s price down to $27,450 in the coming week.
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