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<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">
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 Bitcoin SV Price| TradingView Chart
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</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?

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