Will Bitcoin SV Price Reach $100 Again?
The price of Bitcoin SV (BSV) recently experienced a surge, reaching a new high of $100. However, it encountered significant resistance at this level, leading to concerns about a potential correction in the market.
Intraday Trading Volume Indicates Loss
- The intraday trading volume for Bitcoin SV is currently $15.3 billion, which represents a 2.1% loss.
Bitcoin SV, a hard fork of the Bitcoin Cash blockchain, has seen a significant increase in buying pressure. On December 27th, the asset experienced a 53% gain in just one day, largely due to South Korean investors. The Upbit exchange accounted for the majority of trading volume, indicating growing interest in BSV among local investors.
In the last seven days, the BSV price has grown by 125.9%, with a low of $49.45 and a high of $111.94.
However, the price rally faced resistance at $100, resulting in rejection candles on the daily chart. This selling pressure may trigger a minor pullback to test its suitability at a higher price and allow buyers to regain strength.
Key Level to Monitor
After an aggressive rally, it is common for there to be a minor pullback in an established trend. This allows bulls to regain momentum and attract more buyers. If the BSV price has reached a new top at $112, a potential correction may find support at $90 and $75, which align with the 23.6% and 38.2% Fibonacci retracement levels.
However, if the correction falls below the 50% FIB level at 64%, it could indicate weakness in buyer conviction.
- Average Directional Index: A high ADX value of 39% suggests that buyers may be running on exhaustion, supporting the idea of a correction.
- Exponential Moving Average: A bullish sequence within the daily EMAs (20, 50, 100, and 200) indicates a strong uptrend.
Hot Take: Potential Correction Ahead for Bitcoin SV Price
The recent surge in the price of Bitcoin SV has been impressive, but it has encountered resistance at $100. This could lead to a correction in the market as buyers take profits and reassess their positions. It is important to monitor key levels and indicators to gauge the strength of the market and determine if a pullback is likely. While a correction may be temporary, it can provide an opportunity for bulls to regain momentum and attract more buyers. Keep an eye on support levels and market trends to make informed decisions about your Bitcoin SV investments.
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