On Friday, the cryptocurrency market as a whole is experiencing a rise in prices. This is mainly due to two major cryptocurrencies, Bitcoin and Ethereum, making significant gains. Bitcoin has gone up by 3.1% and is now valued above $31,000, while Ethereum has increased by 3.4% and reached $1,900. Taking advantage of this positive trend, Bitcoin SV (BSV) has also joined the rally and surged by nearly 15%.
In 2018, Bitcoin SV (BSV) split from Bitcoin Cash (BCH), creating its own path. Now, BSV has become a significant player alongside Bitcoin and Bitcoin Cash. Surprisingly, within just eight days, BSV’s value doubled from a low of $27 on June 23rd and managed to recover over 55%, reaching $43.
As of now, the price of Bitcoin SV (BSV) is $42.2, and it has gained 14% in value overnight. However, the market capitalization of BSV has increased and is now in the range of $814 million, according to data from CoinMarketCap.
Bitcoin SV’s Resistance Test: Opportunity or Caution?
The price of Bitcoin SV (BSV) is currently trading well above the falling parallel channel, which is a positive sign. However, in mid-May, buyers got caught when the price broke out of this downward channel, leading to a significant sell-off.
Now, BSV is approaching its highest point in June, which was $45. In order for the price to reach $50, the buyers need to push it past the key resistance range (represented by the red zone).
The trading volume for Bitcoin SV (BSV) has increased by 100% in the last 24 hours, reaching $136 million. However, it is still relatively low compared to the trading session on June 24th.
After a period of 45 days, the bulls have managed to keep Bitcoin SV (BSV) above the 200-day simple moving average, creating a positive atmosphere. Now, the important moving averages such as EMS 20, 50, 100, and 200 have all turned into support levels. Additionally, the RSI indicator is approaching an extremely overbought region.
Also Read: Record-Breaking Rise: Bitcoin Cash (BCH) Hits 1-Year High
