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COINTURK NEWS > Altcoin News > Bitcoin SV (BSV) Records Impressive Gains: Will the Rise Continue?
Altcoin News

Bitcoin SV (BSV) Records Impressive Gains: Will the Rise Continue?

In Brief

  • Bitcoin SV surged 145.8% from $44 to $108 in December.

  • Recent open position declines may signal a weakening bullish sentiment.

  • BSV's next targets could be $123 and $147 if the bullish trend persists.

COINTURK NEWS
COINTURK NEWS 2 years ago
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Bitcoin SV (BSV) recorded excellent gains last week. It traded at $44 on December 11 and rose to $108 on December 29. This movement was measured as a 145.8% increase. Moreover, the weekly resistance area was also broken.

Contents
Will BSV’s Rise Continue?Current Data on BSV

Will BSV’s Rise Continue?

In the last few days, a slight decrease in open positions in BSV contracts was noticed. This could mean that the bullish sentiment has weakened a bit. Could this lead to a larger pullback? The daily chart of the cryptocurrency shows that BSV’s market structure is in a strong upward trend.

Additionally, the Relative Strength Index (RSI) was well above 70, reflecting the momentum’s strength from the past week. The On-Balance Volume (OBV) also took a significant step upwards to highlight the buying pressure. The area between $91.5 and $102.1 was emphasized as a bearish order block in the weekly timeframe. Moreover, the $100 level is psychologically important. Therefore, the move towards $108 is significant.

Current Data on BSV

If the bulls can defend the $100 level and push prices above $108, it could signal the start of the next bullish movement. The 23.6% Fibonacci extension level at $123 and the 61.8% level at $147 are the next targets. The open interest chart can be a good barometer of market sentiment. Despite strong resistance around $110 in the last three days, BSV prices have gradually trended downwards. However, OI has shown a decline since December 30.

This suggests that sentiment in the short term is in favor of the bears. Participants were not willing to bet on further price increases. The spot Cumulative Volume Delta (CVD) also saw a decline. Therefore, a retracement to the weekly interest area from $91.5 to $102 in the coming days seems likely. This could be followed by another move towards $123 or higher.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 2 January, 2024 - 10:07 pm 2 January, 2024 - 10:07 pm
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