Jakarta, CNBC Indonesia - Crypto market conditions are getting better after a shock since April that made prices and market capitalization drop sharply.
For example, the price of Bitcoin gradually increased from its lowest price at US $ 17,776.75 to US $ 24,506.
Luno and Arcane Research in their weekly report said that investors' risk tolerance is increasing.
"Market sentiment has improved and is now at its highest level since April, as shown in the Fear and Greed Index. This heightened risk tolerance has led altcoins to outperform Bitcoin and ETH up 8% in the past week," said Luno. in the report.
Crypto prices do increase but slowly, so the level of volatility is low. US inflation announcements are expected to increase volatility.
As a result of low volatility, investors or traders began to switch to coins that are smaller than stablecoins or Bitcoin. Bitcoin market share is forecast towards 40.5% in June from 47%.
Meanwhile, the performance of all indexes showed a positive increase in August. The small cap index led the way with a 9% gain, the medium cap index rose 7%, and the large cap index rose 5%, while Bitcoin was only up 2%.
The market that has improved at this time is still unable to get out of the fear zone. The Fear and Greed index is now at 42, its highest level since April.
Bitcoin price has tended to be stable in the last seven days at US$ 22,500 and US$ 24,000. This caused the volatility level to drop to 1.8% which is the lowest position in the last year. The volume of Bitcoin on the spot market has also fallen after hitting its highest level in July.
Luno said in his report that Bitcoin's movement could still go up technically with resistance in the US$24,000 area being tested again this week.
"The price of Bitcoin continues to climb up. Now the lowest price of Bitcoin is in the area of US $ 22,400, which is a high price in the low area and the bullish technical Bitcoin trend continues," Luno wrote in his report.
"As stated last week, the resistance level in July has now turned into a support level. The resistance is now in the US$ 24,000 area and is still holding strong. This level has only been tested for the third time earlier this week," he added.
Luno sees the area of consolidation in the range of US$ 22,500 - US$ 24,000 being a fairly strong area. If the price manages to break through the resistance level of US$ 24,000, then the price has the potential to rise to US$ 27,000 - US$ 28,000.
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