WEEKLY CRYPTO MARKET REPORT
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market continued to remain in the GREED zone. Compared to last week, the Fear & Greed Index has decreased from “63” to “60”.
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 1.18 which means more investors are selling at a profit.
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 155,936 addresses holding more than 10 BTC
The Nasdaq Index is forming setups that appear in bull markets, it gained by 1.89% in the previous week. The immediate support is expected at 13,000 and next resistance is expected at 13,750 levels.
$BTC Price is consolidating within a range after breaking out of the flat base. Bitcoin price corrected by 2.75% last week, the immediate support is expected at $25,000 and resistance is expected at $32,000
Pick of the Week – $INJ