WEEKLY CRYPTO MARKET REPORT

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market changed to NEUTRAL zone. Compared to last week, the Fear & Greed Index has dropped from “69” to “53”. 

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 the coins were sold at their 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 155,880 addresses holding more than 10 BTC 

Overall Market Performance

Nasdaq

The Nasdaq Index has formed a higher low on weekly charts which indicates an uptrend, it  corrected by 0.60% in the previous week. The immediate support is expected at 12,840 and next resistance is expected at 13,205 levels.

Gold

Gold corrected by 1.26% in the last week. It is retesting the support after breaking out of the $2000 level mark, the next resistance is expected at $2,050 and immediate support is expected at $1950. 

BTC

$BTC Price is consolidating within a range after breaking out of the ascending trendline. Bitcoin price corrected by 8.83% last week with low volume, the immediate support is expected at $27,150 and resistance is expected at $31,000

ETH

$ETH is struggling to sustain above $2k level, it corrected by 12% in the last week. The immediate support is expected around $1825 and the next resistance is expected around $2150 level

Pick of the Week – $ZIL