Bitcoin Cash

Bitcoin SV

Bitcoin ETF

Bitcoin

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/TduDblis-e1704214169228.png" class="attachment-full size-full wp-post-image" alt="BitcoinSV Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Defying the 2023 uncertainty in the crypto market, the Bitcoin SV coin price came as the <a href="https://coingape.com/markets/top-altcoins-to-buy-today-december-28-qnt-cake-bsv/">highest gainer</a> registering 125% weekly growth. This upsurge was largely attributed to heavy trading in South Korea, reflecting a spike in investors’ interest in these assets. However, the buyer’s struggles to sustain above $100 sparks concern of a potential correction. 
Also Read: <a href="https://coingape.com/btc-price-bitcoin-etf-approval/">BTC Price On Verge Of Touching $50K Ahead Of Bitcoin ETF Approval?</a> 
<h2 id="b-will-bitcoin-sv-price-reclaim-100-b">Will Bitcoin SV Price Reclaim $100?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The rising BSV price hit a newfound supply pressure at $100</li> 
 <li style="font-weight: 400;" aria-level="1">The Bitcoin SV coin is poised for a post-rally correction to replenish the exhausted bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin SV is $15.3 Billion, indicating a 2.1% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/TduDblis.png" alt="Bitcoin SV Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Bitcoin SV Price| TradingView Chart
 </figcaption>
</figure> 
Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has recently witnessed a massive inflow of buying pressure. A steady recovery in this asset took a sharp upturn on December 27th, which resulted in a 53% intraday gain. 
This development was primarily driven by <a href="https://coingape.com/why-is-bitcoin-sv-bsv-price-soaring-today/">South Korean investors</a>, with a significant concentration of trading activity on the Upbit exchange. Upbit accounted for a remarkable $513.81 million in BSV trades, which represented about 67.25% of the total trading volume at the time. This surge in trading volume in South Korea was a clear indicator of the increasing interest in BSV among local investors. 
<blockquote>
 In the last seven days, the BSV price marked a low and high of $49.45 and $111.94 respectively, registering 125.9% growth.&nbsp;
</blockquote> 
However, the price rally hits a significant roadblock at $100, evident by long-wick rejection candles in the daily chart. This selling pressure is likely triggered by profit booking from short-term traders. 
This supply pressure may trigger a minor pullback to prove its suitability at a high price and allow buyers to regain strength. 
<h2 id="b-key-level-to-watch-b">Key Level to Watch</h2> 
A minor pullback after an aggressive rally is common in an established trend as it allows bulls to recuperate bullish momentum and attract more buyers. If the BSV price has formed a new top at the $112 level, the potential correction may find suitable support at $90 and $75 as they coincide with the 23.6% and 38.2% <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci retracement levels</a>. 
However, any correction below the 50% FIB level at 64% would start reflecting weakness in buyers’ conviction. 
<ul> 
 <li aria-level="1">Average Directional Index: A high ADX value of 39% reflects the buyers are likely running on exhaustion which also favors a correction thesis.</li> 
 <li aria-level="1">Exponential Moving Average: A bullish sequence within the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200) signals a strong uptrend</li> 
</ul> 
The post <a href="https://coingape.com/markets/whats-next-for-bitcoin-sv-price-after-125-weekly-surge/">What’s Next For Bitcoin SV Price After 125% Weekly Surge?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

What’s Next For Bitcoin SV Price After 125% Weekly Surge?

Obsah

Coingape News Media

Ďalšie články zverejnené 2. 1. 2024

United States set for crypto regulatory clarity in 2024

Ethereum Continues Its Upward Trend And Sets Its Sights On The $2,400 Mark

Grayscale submits 3rd amended GBTC conversion filing

Crypto Companies Continue to Rise Amid Market Movements

Helium’s $20 Plan: A SIM-Free Service to Earn $50/Week in $MOBILE Coins

HBAR Price up 11%; Will Hedera Rise Further and Reward Investors?

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!