Over the course of the last four days, bitcoin SV (BSV) has witnessed a substantial rise in its price, marking an impressive milestone by reaching its highest point in the last 100 days. Surprisingly, within this rise, BSV managed to break above the old horizontal resistance level of $40, which had persisted since July.
This recent bitcoin-sv-price-prediction-as-bsv-hits-top-crypto-gainers-and-traders-back-bitcoin-minetrix-to-pump-next-202310191332″ target=”_blank” rel=”nofollow”>BSV price increase has sparked considerable interest among cryptocurrency enthusiasts and investors. It signifies a notable change in market dynamics, as the BSV price trajectory has taken a positive turn after months of relative stagnation.
At the time of writing, BSV was trading at $53.84, up 27% in the last 24 hours, and was rising a solid 63% rebound in the last seven days, data from crypto market tracker Coingecko shows.
bitcoin SV 100-Day High Indicates Renewed Market Interest
The fact that BSV has reached a 100-day high is indicative of a more sustained and potentially significant uptrend. This suggests that the cryptocurrency has sparked renewed interest from traders and investors, possibly driven by fundamental developments or market sentiment.
bitcoin SV (BSV), which originated in 2018 as a hard fork of bitcoin Cash with the goal of increasing scalability through larger block sizes, has seen a notable resurgence.
After a prolonged period of fairly stagnant price fluctuations, BSV has seen a substantial 57% rise after hitting a nadir in August. This price resurgence allowed BSV to break through a crucial resistance level that had been a major barrier since July.
BSV has a market cap of $1.04 billion at the time of writing. Chart: TradingView.com
The recent surge in cryptocurrency prices is primarily due to widespread excitement surrounding the potential approval of a bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission. This sentiment was seen further reinforced when the SEC decided not to appeal the legal case involving Grayscale.
However, the increase in bitcoin-sv-triggers-30-price-surge-93CH-3203721″ target=”_blank” rel=”nofollow”>BSV price can be attributed to a misleading article, which falsely claimed that the SEC had anticipated the launch of the iShares bitcoin Trust, briefly causing the value of bitcoin to rise to around $30,000 before rapidly falling.
Binance relaunches BSV, causing price surge
Meanwhile, Binance, one of the world’s largest cryptocurrency exchanges, relaunched BSV via a 50x leveraged USD-M BSV perpetual contract on Friday, resulting in a 30% increase in the price of BSV and more than $500,000 in short position liquidations, Coinglass reported.
This move comes after a period of turmoil that began on April 15, 2019, when Binance delisted BSV due to a dispute between Binance CEO Changpeng Zhao and BSV creator Craig Wright, primarily over Wright’s claim to be Satoshi Nakamoto, the anonymous founder of bitcoin. resulting in alleged attacks on critics of his identity on Twitter.
bitcoin SV’s recent price surge, taking it to monthly highs, could push it towards the yearly peak near $57 as it broke key moving averages in the $33-35 range and has been on an uptrend from the lows. August at $26. Notably, BSV has faced strong resistance from its 200-day moving average since the beginning of 2021.
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Featured image from Coinpedia
