WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index gained by 2.85% in the last week. Nasdaq broke the resistance of 15,300 and is positioned to head upwards from here. The immediate support is expected at 15,000 level and resistance is expected around 15,900
The top gainers for the week were KLA-Tencor, Lam Research & Microchip Tech gaining 6%, 5% and 5% respectively
The equity markets are rallying since the interest rate hike is paused from Fed’s end. The tech stocks and crypto markets are expected to do well. Funds are leaving the bonds market and chasing equities now.
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market continues to stay in the GREED zone. Compared to last week, the Fear & Greed Index has marginally decreased from “74” to “72”.
aSOPR for this week is nearly equal to 1 which means investors are selling their Bitcoins at their purchase price.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
Long term holders’ movement in the last 7 days were lower than the average. They have a motive to hold their coins.
$BTC gained by 5.86% in the last week. BTC has reached the resistance and is expected to slow down, The immediate support is expected at $32,000 and resistance is expected at $38,000.
ETH/BTC has been in downtrend since the start of the year 2023. It gained by 2.09% against BTC in the last week and looks oversold. We did see a bounce back from the support levels around 0.050 as expected. ETH looks very attractive at this point wrt risk-reward
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