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What’s Next For Bitcoin SV Price After 125% Weekly Surge? – Crypto News

Published

2 years ago

January 2, 2024

Dripp

Profiting booking from short-term trades may trigger a minor pullback in Bitcoin SV price; should you enter this dip?

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Defying the 2023 uncertainty in the crypto market, the Bitcoin SV coin price came as the highest gainer registering 125% weekly growth. This upsurge was largely attributed to heavy trading in South Korea, reflecting a spike in investors’ interest in these assets. However, the buyer’s struggles to sustain above $100 sparks concern of a potential correction.

Also Read: BTC Price On Verge Of Touching $50K Ahead Of Bitcoin ETF Approval?

Will Bitcoin SV Price Reclaim $100?

The rising BSV price hit a newfound supply pressure at $100
The Bitcoin SV coin is poised for a post-rally correction to replenish the exhausted bullish momentum.
The intraday trading volume in Bitcoin SV is $15.3 Billion, indicating a 2.1% loss.

Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has recently witnessed a massive inflow of buying pressure. A steady recovery in this asset took a sharp upturn on December 27th, which resulted in a 53% intraday gain.

This development was primarily driven by South Korean investors, with a significant concentration of trading activity on the Upbit exchange. Upbit accounted for a remarkable $513.81 million in BSV trades, which represented about 67.25% of the total trading volume at the time. This surge in trading volume in South Korea was a clear indicator of the increasing interest in BSV among local investors.

In the last seven days, the BSV price marked a low and high of $49.45 and $111.94 respectively, registering 125.9% growth.

However, the price rally hits a significant roadblock at $100, evident by long-wick rejection candles in the daily chart. This selling pressure is likely triggered by profit booking from short-term traders.

This supply pressure may trigger a minor pullback to prove its suitability at a high price and allow buyers to regain strength.

Key Level to Watch

A minor pullback after an aggressive rally is common in an established trend as it allows bulls to recuperate bullish momentum and attract more buyers. If the BSV price has formed a new top at the $112 level, the potential correction may find suitable support at $90 and $75 as they coincide with the 23.6% and 38.2% Fibonacci retracement levels.

However, any correction below the 50% FIB level at 64% would start reflecting weakness in buyers’ conviction.

Average Directional Index: A high ADX value of 39% reflects the buyers are likely running on exhaustion which also favors a correction thesis.
Exponential Moving Average: A bullish sequence within the daily EMAs(20, 50, 100, and 200) signals a strong uptrend

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