thenewscrypto.com
- Bitcoin SV has recorded a gain of over 14%, trading at $59.
- BSV’s daily trading volume has increased by 759%.
While the crypto market struggles with bearish momentum, Bitcoin and Ethereum have retreated to their former lows over the past 24 hours. Meanwhile, the altcoin Bitcoin SV (BSV) leads the gainers, posting a solid gain of over 14.55%.
BSV’s crucial resistance levels of $54.63 and $58.66 are likely tested and confirm the bullish trend. The asset, with the bull support, is eyeing higher targets.
The asset opened the day trading at $51.88, and eventually, it climbed to a high of $64.40 mark. At the time of writing, Bitcoin SV traded at $59.59, with its daily trading volume increased by 759%, resting at $520 million. Notably, the market has observed a liquidation of $1.04 million worth of BSV during this timeframe.
Will Bitcoin SV’s Bullish Trend Continue?
The four-hour price chart of BSV reveals the probability of further upside correction. If the momentum continues, the asset could climb toward the nearby $63 mark. Assuming the buying pressure increases, the asset’s price could soon test the crucial $67 level and above.
In defiance, if the uptrend reverses and Bitcoin SV fails to hold up its price, a steady decline might likely push the asset down to $55.42. In case, the BSV market turns highly bearish, and the selling pressure is reinforced, the price could drop to its previous lows of around $50.
While analysing the technical indicators, it infers BSV’s in-progress bullish outlook. The Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover can be considered as a buy signal, and the upward pressure might grow.
In addition, the Bull Bear Power indicator measures the strength of buying and selling pressure in the market. The BBP value settled at 4.775 indicates strong bullish momentum and buyers are dominating sellers at the current price level.
Moreover, the daily relative strength index (RSI) at 59.65 suggests the current market is leaning toward the bullish zone. The daily frame of BSV displays the short-term 9-day moving average above the long-term 21-day moving average.