Despite seeing a notable 15.2% increase in value yesterday, the current price of bitcoin SV remains stable at just over $39 compared to the previous day.
The current market situation involves a struggle with the immediate dynamic resistance level, creating a state of unease among traders.
bitcoin SV, a fork of bitcoin, is now the most profitable cryptocurrency in the top 100 bitcoin-sv-and-bitcoin-gold-see-gains-as-this-btc-mining-token-also-looks-set-to-grow-202310171001″ target=”_blank” rel=”nofollow”>market capitalization.
The value of the global cryptocurrency market increased to ethereum-edges-higher-bitcoin-sv-apecoin-among-top-gainers” target=”_blank” rel=”nofollow”>1.09 trillion dollars at the time of writing this article, a gain of 1.4% in one day. On Tuesday, eth rose about 0.1% to $1,585, while btc rose 2.6% to $28,466.60.
SEC influence on cryptocurrency rally and BSV price rise
The recent rally in cryptocurrency prices was primarily due to optimism over the possibility of the Securities and Exchange Commission (SEC) approving a bitcoin ETF. This sentiment was strengthened when the SEC decided not to appeal Grayscale’s lawsuit.
However, there was a surge in BSV prices due to a false report from CoinTelegraph claiming that the SEC was pre-empting the iShares bitcoin Trust, pushing bitcoin to nearly $30,000 before it quickly fell.
At the time of writing, BSV is ranked 48th and was trading at $39.40. up to 22% in the last seven days, data from crypto market tracker Coingecko shows.
The RSI of BSV is 67.58, the same as yesterday. This RSI level is slowly approaching the overbought zone, which could indicate that a small correction or consolidation in the BSV price is imminent.
BSV market cap currently at $757 million. Chart: TradingView.com
bitcoin-sv-biggest-gainers-from-sec-bitcoin-etf-fueled-pump” target=”_blank” rel=”nofollow”>bitcoin SV is showing positive indicators in terms of trading volume and market capitalization. Its market capitalization has increased by 1.22% to reach $757 million, and its 24-hour trading volume has increased by a significant 83% to $238 million.
This increase in trading activity suggests growing trader interest and the possibility that the BSV price will continue to rise.
When market confidence persisted, the price of bitcoin Cash also rose. The good performance of American stocks served as an example of the increase. The S&P 500 and Dow Jones saw gains of more than 1%, but the Nasdaq 100 index saw a jump of more than 1.10%. Historically, cryptocurrencies have performed well in the face of rising stock prices.
bitcoin SV Price in Resistance Zone: Potential for a Bullish Breakout
Meanwhile, the current BSV price is finding a horizontal resistance zone ranging between $38.5 and $40.6. This resistance zone is also aligned with the 0.5 Fibonacci level at $39.75.
The possibility of a successful breakout of this resistance level may indicate a sustained bullish trajectory for bitcoin SV.
At the same time, there is an upcoming support region ranging between $33.85 and $36.10, which aligns with the 0.618 Fibonacci level of $35.89 and the 20-day EMA of $ 34.79.
In case the BSV price is unable to maintain its position above the designated support zone, there is a possibility of an imminent negative trend.
(The content on this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk.)
Featured image from CoinPayments blog
