$WBTC Holding Steady Amid Market Action – What’s Next?

$WBTC (Wrapped Bitcoin) is trading at $97,667.97, reflecting a 0.90% gain in the last 24 hours. The price fluctuated between $95,519.48 (low) and $98,648.78 (high) during this period.

Key Indicators:

1. Moving Averages (EMA):

EMA(7): $97,790.75 (short-term resistance).

EMA(25): $97,900.55 (acting as resistance).

EMA(99): $97,548.27 (strong support).

2. Volume Insights:

WBTC trading volume shows steady activity with 24-hour USDT volume at $44.93M.

3. MACD Signals:

The histogram suggests a narrowing bearish trend, potentially signaling a reversal.

Chart Analysis:

The price appears to be consolidating around the $97,500–$97,900 zone, with minor selling pressure after testing resistance near $98,650.

What’s Next?

Bullish Scenario:

If $WBTC breaks above $98,700, we might see a rally toward the psychological level of $100,000.

Traders should watch for increased volume and EMA(25) crossover.

Bearish Scenario:

A rejection at current levels could push the price back to test support near $95,500–$96,000.

Suggestions for Traders:

Buyers: Look for a confirmed breakout above $98,700 before entering long positions.

Sellers: Consider shorting near $98,500 with a stop-loss above $98,700.

Risk Management: Maintain tight stop-losses in this volatile market.

What’s your strategy? Let’s discuss your moves!

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