TLDR
- Chainlink (LINK) traded near $8.20, up 0.17% over 24 hours.
- BitGo will use Chainlink’s CCIP to migrate its $7.7 billion Wrapped Bitcoin (WBTC).
- BitGo is dropping its legacy bridging provider and making CCIP its main cross-chain tool.
- LINK sits above its 50-day moving average but below its 200-day average.
- Open interest stayed above $400 million, per CoinGlass, showing steady trader activity.
Chainlink (LINK) traded at $8.20 on Wednesday. That marks a gain of 0.17% over the past 24 hours.
The move came after BitGo announced a change to its bridging setup. BitGo will now use Chainlink’s Cross-Chain Interoperability Protocol, known as CCIP, to migrate its Wrapped Bitcoin.
That amount of WBTC is worth $7.7 billion. It is one of the largest tokenized Bitcoin assets in the crypto market.
BitGo said it looked at several interoperability options before choosing CCIP. The company said CCIP was the only solution that met its institutional security needs.
BitGo also confirmed it is stepping away from its old bridging provider. Going forward, CCIP will be its main cross-chain infrastructure for assets it issues.
Why the BitGo Deal Matters for Chainlink
This deal is different from a standard partnership announcement. It ties one of the largest tokenized Bitcoin products directly to Chainlink’s infrastructure.
The move adds weight to Chainlink’s push into institutional-grade services. Cross-chain security has become a bigger focus for firms handling large amounts of tokenized assets.
What the Chart Shows for LINK Price
On the daily chart, LINK is trading above its 50-day moving average, which sits at $8.03. That level acts as support for now.
The token remains below its 200-day moving average of $9.01. That line marks the next resistance target if buyers push higher.
Immediate support sits near $8.15. A drop below that price could send LINK back toward the 50-day average.
The MACD indicator has turned bearish. The MACD line has crossed below its signal line, and the histogram has moved into negative territory.
That signals recent upward momentum has slowed. Sellers have not taken full control of the trend yet.
A move above $8.72 would strengthen the case for buyers. That level is seen as the next hurdle before LINK can test the 200-day average near $9.01.
Data from CoinGlass shows Chainlink’s open interest has stayed above $400 million. That points to traders holding leveraged positions despite limited price swings.
Daily derivatives volume has also remained steady. This shows market participants are still active even without a large price move.
Liquidation data shows no major gap between long and short positions right now. That suggests traders are waiting for a clearer signal before placing bigger bets.
Traders are watching whether the BitGo news leads to more network usage over time. For now, the $8.15 support and $8.72 resistance levels remain the key markers to track.
