WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
Amidst all the talks of the US defaulting on its debt, The Nasdaq Index broke out of the resistance zone and it gained by 3.47% in the previous week. It formed the higher high setup on the weekly timeframe which indicates the start of an uptrend.
The immediate support is expected at 13,250 and next resistance is expected at 15,000 levels.
CRYPTO
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market remained in the NEUTRAL zone. Compared to last week, the Fear & Greed Index has decreased from “50” to “49”.
BITCOIN
SOPR – Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week stands at 1 which means investors are selling their Bitcoins at the purchase price.
Is This The Start of the Bull Market?
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.
There are 1,000,408 addresses holding more than 1 BTC
Bitcoin chart
$BTC Price is consolidating within a range after breaking out of the flat base. Bitcoin price corrected by 0.63% last week, the immediate support is expected at $25,000 and resistance is expected at $32,000
Tokens with Relative Strength in the market
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