WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The Nasdaq Index broke out of the resistance zone on a weekly timeframe and it gained by 3.59% in the previous week.
The NASDAQ is expected to continue the upward movement and the same is expected for the crypto markets, an immediate support is expected at 13,700 and next resistance is expected at 15,000 levels.
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 increased from “49” to “52”.
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.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.
We can see uptick in the number of addresses holding more than 1000 BTC, Currently there are 2,043 addresses holding more than 1,000 BTC
$BTC Price is respecting the support at the 20 week moving average. Bitcoin price bounced back with gains of 4.92% last week, the immediate support is expected at $25,800 and resistance is expected at $32,000
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