Top Reasons Why Bitcoin SV ($BSV) Price Is Surging!
The post Top Reasons Why Bitcoin SV ($BSV) Price Is Surging! appeared first on Coinpedia Fintech News
The crypto market has been recording steady growth for about a week, but on the other hand, Bitcoin SV price has experienced a surge of over 60% in the last week, resulting in the price being the top gainer of the week. But why is the BSV price surging so much?
During the previous bull run, the Bitcoin SV price had recorded an ATH of $491.64, after which the market experienced a crash, resulting in the coin plunging by over 95%. The BSV price currently trades at an 89.19% discount from its previous ATH and has started to make bullish moves following the speculations of the approval of Bitcoin ETF.
The Bitcoin SV price has been trading between closed ranges for a brief period and has only displayed price action following updates on the Bitcoin price and its ETF’s approvals. The latest ETF rumors resulted in the BSV price pump this week.
TradingView: BSV/USDT
BSV coin started the year by trading between $39.54 and $44.81 till March, after which the price dropped. The coin was then seen trading between $34.93 and $39.54 till May, followed by minor price action, after which the price experienced another dip and started trading within the range of $29.00 and $34.93.
The Bitcoin SV price then recorded its All-time Low in June, after which the price gained momentum and surged but got rejected at the resistance level of $56.48 and recorded a 50% plunge. The price traded between $34.93 and $39.54 for a period, followed by another price dip.
The Bitcoin SV coin was seen trading in a closed range of $29.00 and $34.93 for over 50 days, after which the price recently displayed a massive price action and gained over 73% in value within a month.
The price is currently on the path to re-test its crucial resistance at $56.48, of which the outcome is uncertain.
Will The Bitcoin SV Price Go Back Up?
In conclusion, if the bulls continue to gain power and break out of the crucial resistance level of $56.48, the price will attract a fresh set of investors and make a run to test its upper resistance level of $61.99 in the coming days.
Further, if the Bitcoin spot ETFs get approved, the BSV price is predicted to skyrocket and record a new high by witnessing a possible 10X in value, resulting in the price recording a new ATH and crossing the $500 mark for the first time.
On the flip side, more delays in the hearings and decisions could affect the price as it could spread uncertainty about the event, resulting in disinterest in the coin among the investors. This could result in the price to plunge and trade back to its pre-surge levels of around $40.
Filed under: Bitcoin - @ October 20, 2023 8:21 am