Bitcoin has recently surged past $86,000, driven by increased investor appetite for riskier assets following the U.S. Federal Reserve's decision to pause interest rate hikes. This has led to a significant rise in options trading volume, up 24%, indicating growing institutional interest. However, critical resistance levels, such as $87,200, are being tested, which could impact short-term price movements.
Price Action: Bitcoin is currently trading at $86,487, with a 24-hour trading volume increase of 34.49%. The price is testing the upper resistance level of $87,200, with support around $84,000.
RSI: The Relative Strength Index (RSI) for Bitcoin is at 57.71 (RSI 6), indicating that Bitcoin is not in an overbought or oversold condition, suggesting potential for further price movement.
MACD: The Moving Average Convergence Divergence (MACD) is currently negative (-1386.62), but the signal line (710.28) is above the MACD line, which could indicate a potential bullish crossover in the near term.
Fibonacci Levels: The Fibonacci resistance levels are at $87,200 (R1) and $90,000 (R2), while the support level is at $84,000 (S1).
Based on the current technical setup and news sentiment, Bitcoin is likely to test the $87,200 resistance level. If it successfully breaks above this level, the price could move towards $90,000. However, if it fails to breach this resistance, it may retrace to the support level of $84,000.
Given the current momentum and increasing institutional interest, the price of WBTC is expected to reach $89,500 by the end of the next trading week.
Recommendation: Buy if Bitcoin breaks above $87,200, as this could signal a bullish breakout towards $90,000.
The price of Wrapped Bitcoin is predicted to go up -30.5%, based on the high correlation periods with OP. The similarity of these two price pattern on the periods is 80.78%.
WBTC
OP
Year
WBTC Price Forecast($)
Potential Return(%)
2025
175,000.000
72.450
2026
150,000.000
76.170
2027
150,000.000
76.170
2028
250,000.000
193.620
2029
200,000.000
134.890
2030
710,000.000
733.870