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bitcoin SV (BSV) remains bullish on the daily chart, with its price up another 7% in the last 24 hours as it extends its gains this week to over 28%. At the time of writing, BSV was trading at 43, levels last seen more than four months ago.
The live market capitalization of the bitcoin fork is around $828 million, with daily trading volume of more than $200 million as of Thursday. 24-hour trading volume increased by 40%, reinforcing increased investor interest in cryptocurrencies. The price of bitcoin SV has grown by 30% in the last four days and more than 10% in the last few days.
top 10 crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto Artists in the last 2 days within the 100 coins with the highest market capitalization:
1. $CPRC 250.70%
2. $RLB 14.59%
3. $BSV 11.23%
4. $INJ 6.34%
5. $XRD 4.71%
6. $RNDR 4.28%
7. $CHEC 2.33%
8. $RUNE 1.96%
9. $MINA 1.87%
10. $DYDX 1.10%— Ava Monaro (@AvaMonaro) October 19, 2023
The BSV rally appears to be a function of gains in the bitcoin (btc) earlier this week due to rumors that the US Securities and Exchange Commission (SEC) had approved a spot bitcoin exchange-traded fund (ETF) application by Blackrock, opening the door to an accelerated wave of institutional buying in the US.
While that news, which initially appeared on Cointelegraph’s X handle, turned out to be false, it warned bitcoin bears to stay out of the market as they could be quickly liquidated if a bitcoin ETF were approved.
bitcoin SV Price Prediction: Is it possible to get back to 56?
BSV’s latest price rally, which has seen it hit new highs for over three months, has opened the door for a potentially quick move towards the cryptocurrency’s 2023 highs above $56.
In the latest rally, bitcoin SV price has moved north of its major moving averages (an area extending from $33 to $35) and continues a recovery it has been fostering from the August lows of $26.
The $45 psychological level is acting as strong immediate resistance. While the bulls managed to push bitcoin SV above this level in late June, this bullish move turned out to be a bull trap as the price crashed over 50% after hitting highs of $56.
Buyers will now try to push the price back above this level, hoping that the recovery holds. If this happens, the BSV price will rise further to collect the supply-side liquidity above it. The next logical move would be towards $50 or a return to the July 1 range, around $56. This move would see bitcoin SV rise by approximately 30% from the current price.
BSV/USD Daily Chart
This positive outlook for BSV is supported by the upward trajectory shown by the Moving Average Convergence and Divergence (MACD) indicator. This trend-following swing indicator had just sent out a call to buy bitcoin SV on the daily chart. This occurred on October 16 when the MACD line (blue) crossed above the signal line (orange), suggesting the beginning of an uptrend.
The price was also at strong support around the $32-$35 demand zone, embraced by the simple moving averages. Increased buying in this demand zone could bring the necessary headwinds to boost the BSV price.
On the contrary, sellers could book profits on the latest rally and the price would decline in the process. The correction could take bitcoin SV towards $40 and later towards the recently established support at $38.5. Below that, the demand zone described above, adopted by all major SMAs, could provide the next line of defense. This is where the BSV decline could be limited in the short term
BSV Alternatives
<img decoding="async" class="aligncenter wp-image-449352 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="minetrix bitcoin” width=”1500″ height=”500″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix.jpeg 1500w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-300×100.jpeg 300w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1024×341.jpeg 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-768×256.jpeg 768w” data-lazy-sizes=”(max-width: 1500px) 100vw, 1500px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix.jpeg”/>bitcoin-minetrix.jpeg” alt=”minetrix bitcoin” width=”1500″ height=”500″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix.jpeg 1500w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-300×100.jpeg 300w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1024×341.jpeg 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/Latest-Bitcoin-SV-Protocol-Update-Excites-Investors-Get-ready-for”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-768×256.jpeg 768w” sizes=”(max-width: 1500px) 100vw, 1500px”/>
While bitcoin SV’s prospects are good, the cryptocurrency remains a big risk given its poor track record of inability to maintain strong price performance. For investors looking for an even higher probability of short-term gains, an alternative high-risk, high-reward investment strategy to consider is to get involved in cryptocurrency pre-sales.
One of those cryptocurrencies in pre-sale is bitcoin Minetrix (BTCMTC), a unique blockchain network that operates on a stake-to-mine concept. bitcoin Minetrix will leverage $BTCMTX tokens to tokenize cloud computing and lower the barrier to entry for bitcoin mining.
Through the bitcoin-powered smart contract Minetrix ethereum, $BTCMTX token holders can stake their holdings.
Token holders can generate passive income and earn cloud mining credits through the staking contract. While these credits are non-negotiable, they can be burned in bitcoin Minetrix to purchase bitcoin cloud mining power.
At the time of writing, the pre-sale price of one BTCMTX token is $0.011 during the first round of pre-sale. The price will increase to $0.0129 in the 20th and final round of pre-sale. bitcoin Minetrix wants to raise $1.54 million from the first pre-sale stage, which ends on October 16, 2023. So far, more than $1.77 million has been raised.
#BitcoinMinetrix Stage 2 ends in 4 days! pic.twitter.com/gpOd9BxnzH
—Bitcoinminetrix (@bitcoinminetrix) October 19, 2023
Interested investors can start by making a minimum purchase of $10 in the pre-sale. The $BTCMTX token can be exchanged against ethereum (eth), Tether (USDT), or BNB (BNB).
To learn more about this new mining staking cryptocurrency project, visit bitcoin Minetrix here for more information.
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