In the world of cryptocurrency, while the largest crypto Bitcoin is stepping back nowadays, its hard fork Bitcoin SV (BSV) has recently experienced a surge in price. This comes as welcome news for BSV investors who have been potentially waiting for a price reversal.
Despite Bitcoin experiencing a slight dip of 1.26% to $27,580, Bitcoin SV (BSV) is making significant gains, currently up by an impressive 30.5% at $39.8 as of writing. The intraday trading session on Tuesday saw a surge in buying activity, causing the BSV price to soar by a staggering 45%. While it was unable to maintain its daily highs, the rise in BSV’s value is certainly worth keeping an eye on.
BSV bulls attempt to leave the bearish channelÂ
Bitcoin SV has been trading inside a downward parallel channel for the past eight months, with the bears pushing the price to a new all-time low of $29.46 on May 09. However, buyers were pleased to see a positive turn of events this Tuesday when the price reversed its course and broke out of the channel with upward momentum.
According to Coinmarketcap data, trading volume surged to $86.7 million. Bulls are purchasing in large quantities to protect themselves from future declines. Despite the new all-time low, the BSV token price has moved out of the bearish channel, implying that the bulls still have a chance to rebound the crypto.
According to Techflow statistics, the BSV community is moving towards Bitcoin Ordinals and BRC 20. In fact, the market value of the BRC-20 token is rumored to have exceeded $1 billion this week. This surge in market value could be a possible reason for the sudden and impulsive rise in the price of BSV cryptocurrency.
The BSV coins price is approaching the 200-day simple moving average on the daily price chart, having already crossed the 20, 50, and 100 SMAs earlier today. If buyers are able to successfully close a daily price candle above the 200 SMA, it could potentially lead to more BSV accumulation.
Furthermore, the RSI indicator has made an incredible recovery from the highly oversold zone today and is now resting at the 67 level. The RSI is spreading bullish opportunities until it enters the overbought zone.
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