With the 1.25% spike in the crypto market, bullish momentum is attempting to reclaim the lost ground. The active mixed sentiment is pushing the assets to trade in both red and green zones, which include Bitcoin and Ethereum. Meanwhile, among the altcoins, Bitcoin SV (BSV) has registered a steady and solid 17.26% surge in the last 24 hours.
The asset’s crucial resistance zones have been broken to confirm the uptrend. BSV opened the day trading at a low mark of $18.50, and with the bullish encounter in the market, the price has risen to a high of $21.91. If the bullish support sustains, it could witness higher targets.
The CoinMarketCap data has reported that Bitcoin SV is currently trading at the $21.91 mark, with its market cap found at $427.58 million. Significantly, the daily trading volume of BSV has increased by over 491.25%, reaching the $78.22 million zone.
Can Bitcoin SV Keep Its Bullish Momentum Alive?
The technical indicators of Bitcoin SV show a bullish shift, with the Moving Average Convergence Divergence (MACD) line crosses above the signal line. This crossover serves as an early signal for potential price gains. Besides, the Chaikin Money Flow (CMF) indicator at 0.24 signals strong buying pressure in the BSV market. The money is flowing into the asset, implying accumulation, supporting the price movement and the positive market bias.
Moreover, the Bull Bear Power (BBP) value of Bitcoin SV settled at 4.22, which hints at strong bullish dominance. The bulls are pushing the price above, and this aligns with strong upside momentum. BSV’s daily Relative Strength Index (RSI) reading at 83.22 reflects the overbought condition, with very strong bullish sentiment. With the buyers in control, such high levels increase the risk of a short-term pullback as the market cools off.
Bitcoin SV’s recent price chart exhibits upside pressure. Assuming the bulls continue to gain more traction, the price could climb toward the $25.34 resistance range. With the formation of the golden cross, the asset’s price might climb and test the $29.51 level or even higher.
On the flip side, a bearish reversal would trigger Bitcoin SV to slip down and find the nearest support at around $17.48. Upon the asset’s market turning aggressively bearish, the death cross could emerge, and likely send the price to its former low below the $13.15 range.
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