Bitcoin SV Climbs 22% – A Close Look At The Factors Behind The Surge
October 18 2023 - 4:40AM
NEWSBTC
Despite seeing a notable increase of 15.2% in value yesterday, the
current price of Bitcoin SV remains steady at a little over $39
compared to the previous day. The current market situation involves
a struggle with the immediate dynamic resistance level, leading to
a state of uneasiness among traders. Bitcoin SV, a Bitcoin fork, is
now the most profitable cryptocurrency out of the top 100 by market
capitalization. Related Reading: Polkadot Road To Recovery – Will
$4 Mark The Turning Point? The value of the world’s cryptocurrency
market increased to $1.09 trillion at the time of writing, a 1.4%
gain in a day. On Tuesday, ETH increased by about 0.1% to $1,585,
while BTC was up 2.6% at $28,466.60. SEC Influence On Crypto Rally
And BSV Price Spike The recent rally in cryptocurrency prices was
primarily driven by optimism about the Securities and Exchange
Commission (SEC) potentially approving a Bitcoin ETF. This
sentiment was strengthened 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 nearly
$30,000 before it quickly dropped. At the time of writing, BSV
occupies the No. 48 spot and was trading at $39.40, up 22% in the
last seven days, data form crypto market tracker Coingecko shows.
The RSI for BSV is 67.58, the same as it was yesterday. This RSI
level is slowly approaching overbought zone, which could indicate
that a little correction or consolidation in the price of BSV is
imminent. BSV market cap currently at $757 million. Chart:
TradingView.com Bitcoin SV is displaying positive indicators in
terms of trading volume and market capitalization. Its market cap
has risen by 1.22% to reach $757 million, and its 24-hour trading
volume has surged by a significant 83% to $238 million. This
increased trading activity suggests growing trader interest and the
potential for BSV’s price to continue moving upward. Related
Reading: Solana Price Direction Remains Hazy Despite 10% Weekly
Rally When market confidence persisted, the price of Bitcoin Cash
also surged. The robust performance of American stocks served as an
example of the increase. The S&P 500 and Dow Jones both
experienced gains of more than 1%, but the Nasdaq 100 index saw a
leap of more than 1.10%. Cryptocurrencies have historically
performed well on rising stock prices. Bitcoin SV Price At
Resistance Zone: Potential For An Upside Break 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
alignment with the Fibonacci 0.5 level, at $39.75. The possibility
of a successful breach of this resistance level may indicate a
sustained higher trajectory for Bitcoin SV. Concurrently, there
exists a proximate support region ranging from $33.85 to $36.10,
which aligns with 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 is unable to maintain its position above the
designated support zone, there is a possibility of an impending
negative trend. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from CoinPayments Blog
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