Bitcoin SV Climbs 22% – A Close Look At The Factors Behind The Surge

Christian Encila

1 year ago

3 mins read

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Despite seeing a notable increase of 15.2% in value yesterday, the current price of Bitcoin SV remains steady at a little over $39 compared to the previous day.

The current market situation involves a struggle with the immediate dynamic resistance level, leading to a state of uneasiness among traders.

Bitcoin SV, a Bitcoin fork, is now the most profitable cryptocurrency out of the top 100 by market capitalization.

The value of the world’s cryptocurrency market increased to $1.09 trillion at the time of writing, a 1.4% gain in a day. On Tuesday, ETH increased by about 0.1% to $1,585, while BTC was up 2.6% at $28,466.60.

SEC Influence On Crypto Rally And BSV Price Spike

The recent rally in cryptocurrency prices was primarily driven by optimism about the Securities and Exchange Commission (SEC) potentially approving a Bitcoin ETF. This sentiment was strengthened when the SEC chose not to appeal the Grayscale lawsuit.

However, there was a spike in BSV prices due to a false report from CoinTelegraph claiming that the SEC was anticipating the iShares Bitcoin Trust, pushing Bitcoin to nearly $30,000 before it quickly dropped.

At the time of writing, BSV occupies the No. 48 spot and was trading at $39.40, up 22% in the last seven days, data form crypto market tracker Coingecko shows.

The RSI for BSV is 67.58, the same as it was yesterday. This RSI level is slowly approaching overbought zone, which could indicate that a little correction or consolidation in the price of BSV is imminent.

BSV market cap currently at $757 million. Chart: TradingView.com

Bitcoin SV is displaying positive indicators in terms of trading volume and market capitalization. Its market cap has risen by 1.22% to reach $757 million, and its 24-hour trading volume has surged by a significant 83% to $238 million.

This increased trading activity suggests growing trader interest and the potential for BSV’s price to continue moving upward.

When market confidence persisted, the price of Bitcoin Cash also surged. The robust performance of American stocks served as an example of the increase. The S&P 500 and Dow Jones both experienced gains of more than 1%, but the Nasdaq 100 index saw a leap of more than 1.10%. Cryptocurrencies have historically performed well on rising stock prices.

Bitcoin SV Price At Resistance Zone: Potential For An Upside Break

Meanwhile, the current price of BSV is encountering a horizontal resistance zone ranging from $38.5 to $40.6. This resistance zone is also in alignment with the Fibonacci 0.5 level, at $39.75.

The possibility of a successful breach of this resistance level may indicate a sustained higher trajectory for Bitcoin SV.

Concurrently, there exists a proximate support region ranging from $33.85 to $36.10, which aligns with the Fibonacci 0.618 level of $35.89 and the 20-day Exponential Moving Average (EMA) of $34.79.

In the event that the BSV price is unable to maintain its position above the designated support zone, there is a possibility of an impending negative trend.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CoinPayments Blog

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.