Despite seeing a remarkable 15.2% increase in value yesterday, Bitcoin SV’s current price remains stable at just over $39 compared to the day before.
The current market situation involves a battle with the immediate dynamic resistance level, leading to a state of unease among traders.
Bitcoin SV, a Bitcoin fork, is now the most profitable cryptocurrency among the top 100 Market capitalization.
The value of the global cryptocurrency market rose to $1.09 trillion at the time of writing a gain of 1.4% per day. On Tuesday, ETH rose about 0.1% to $1,585, while BTC rose 2.6% to $28,466.60.
SEC influence on crypto rally and BSV price spike
The recent surge in cryptocurrency prices was mainly driven by optimism about the Securities and Exchange Commission (SEC) potentially approving a Bitcoin ETF. This sentiment was reinforced when the SEC chose not to appeal the Grayscale lawsuit.
However, there was a spike in BSV prices due to a false report from Cointelegraph claiming that the SEC was anticipating the iShares Bitcoin Trust, pushing Bitcoin to almost $30,000 before falling rapidly.
At the time of writing, BSV occupied the number 48 spot and was trading at $39.40. increase of 22% in the past seven days, according to data from crypto market tracker Coingecko.
The RSI for BSV is 67.58, the same as yesterday. This RSI level is slowly approaching overbought territory, which could indicate that a small correction or consolidation in BSV’s price is imminent.
BSV market cap currently at $757 million. Chart: TradingView.com
Bitcoin SV shows positive indicators in terms of trading volume and market capitalization. Its market capitalization is up 1.22% to $757 million, and 24-hour trading volume is up a significant 83% to $238 million.
This increased trading activity indicates growing interest from traders and the potential for BSV’s price to continue to rise.
As market confidence continued, the price of Bitcoin Cash also rose. The robust performance of US stocks served as an example of the rise. The S&P 500 and Dow Jones both posted gains of more than 1%, but the Nasdaq 100 index recorded a jump of more than 1.10%. Cryptocurrencies have historically performed well when stock prices have risen.
Bitcoin SV Price in Resistance Zone: Potential for an Upside Breakout
Meanwhile, the current price of BSV is encountering a horizontal resistance zone ranging from $38.5 to $40.6. This resistance zone is also in line with the Fibonacci 0.5 level, at $39.75.
The possibility of a successful breakout of this resistance level could indicate a continued higher trajectory for Bitcoin SV.
At the same time, a nearby support region exists ranging from $33.85 to $36.10, corresponding to the Fibonacci 0.618 level of $35.89 and the 20-day Exponential Moving Average (EMA) of $34.79.
In the event that the BSV price cannot maintain its position above the designated support zone, there is a possibility of an impending negative trend.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from CoinPayments Blog
