Market Overview for Wrapped Bitcoin (WBTCUSDT)

• Wrapped Bitcoin (WBTCUSDT) traded in a volatile 24-hour range of $117,314.79–$119,150.75, closing higher on the day.
• Momentum accelerated in the early hours of the session, with a sharp rally pushing price above key resistance.
• Volume spiked during the overnight hours, confirming the bullish breakout and reinforcing short-term strength.
• RSI signaled overbought conditions near 75, while price hovered near the upper Bollinger Band, suggesting stretched momentum.
• A potential bearish reversal pattern emerged in the final hours, raising caution ahead of tomorrow’s session.

Market Overview

Wrapped Bitcoin (WBTCUSDT) opened at $118,109.28 on 2025-07-28 at 12:00 ET and closed at $117,328.68 on 2025-07-29 at 12:00 ET. The 24-hour range spanned from a low of $117,314.79 to a high of $119,150.75. Total volume traded was approximately 54.9 BTC, with a notional turnover of roughly $6.36 billion, reflecting robust participation during key price moves.

Structure & Formations

The 15-minute chart displayed a textbook bullish breakout above a prior consolidation range in the early hours of the session, with price reaching a 24-hour high of $119,150.75. This was followed by a consolidation phase and a bearish reversal pattern near the upper Bollinger Band in the final hours, hinting at potential short-term profit-taking. Key support levels emerged around $117,300–117,500, with resistance now testing at $118,200–118,400.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in bullish alignment, with price above both, reinforcing the short-term uptrend. On the daily chart, the 50-period MA crossed above the 100-period MA, forming a potential golden cross, which could signal a shift in sentiment toward a longer-term bullish bias.

MACD & RSI

The MACD crossed into positive territory during the overnight rally, confirming the bullish momentum. However, RSI approached overbought levels (75–80) during the high watermark, suggesting a possible pause in the upward move. A bearish divergence began to form in the final hours, with price making a new high while RSI pulled back slightly, signaling caution for further buying.

Bollinger Bands

Volatility expanded significantly during the overnight rally, with the bands widening and price reaching the upper band. This suggests a period of high conviction in the bullish direction. However, as the session progressed, volatility began to contract again, signaling a potential consolidation phase ahead.

Volume & Turnover

Volume surged during the early hours of the session, with the largest 15-minute bar reaching $1.64 billion in turnover, coinciding with the breakout above key resistance. This confirmed the strength of the move. However, volume has since declined, with the final hours showing a bearish volume contraction as price pulled back. This divergence may indicate weakening conviction in the current trend.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $117,314.79 to $119,150.75, price pulled back to the 61.8% retracement level at $118,100–118,200 in the final hours. This level may now act as a key support zone. On the daily chart, the 38.2% retracement of the broader bullish move aligns with $117,500–117,600, which appears to be a critical area to watch for near-term direction.

Price may test key support near $117,300–117,500 in the coming session, with a potential rebound or breakdown likely to dictate the next directional move. Investors should remain cautious as overbought conditions and bearish reversal signals hint at a possible short-term correction.