In the last seven days, bitcoin hit a new all-time high, reaching US$ 69,000. However, soon after, a correction indicated that the price was overbought, which caused the BTC to return to the US$ 65,000 range. According to Transfero’s analysis, in the last 30 days, the minimum of the Fear & Greed index recorded was 66 points.
“It is a sign that the market is quite ‘greedy’, with all the attention focused on bitcoin’s bullishness, causing these small corrections to occur”, explained Transfero’s team of analysts. According to the experts, with the market very bullish, such corrections are always seen as good opportunities for new entries.
It is worth noting in the chart above that the Bullish Line (LTA) indicates that the trend remains positive, with growing buying pressure. “But in addition, it also serves as support, warning of a possible trend break. Thus, the price of US$ 63.3 thousand stands out as the main support for the coming days”, Transfero noted.
In addition, another highlight of the crypto market in the week was the Global Market Cap, which renewed its historical mark and reached the capitalization of US$ 3 trillion. “The expectation is that this rise could reach new highs when altcoins start to gain momentum (“Alt Season”) with the bullish movement of bitcoin”, say the experts.
Moonriver is highlight
The Ethereum-compatible “smart contracts” platform Moonriver has caught the market’s attention over the past week. The project’s main focus is to be a complementary network to Moonbeam, allowing developers to implement existing smart contracts on the ERC-20 network.
Its token, MOVR, is on the verge of entering the top 100 cryptos by market cap and was listed this week on Binance.