Bitcoin SV (BSV) fireworks brighten the crypto landscape: BSV/USD jumps 17%
|- Bitcoin SV breaks out in overwhelming gains shunning the dully market trend.
- Following the impeccable surge, BSV is trading in a range between $110 and $115.
Bitcoin SV exploded in marvelous gains on Monday becoming a market leader in terms of recovery. From an opening price of $94.69, BSV ascended to highs of $113.24 at the close of the session yesterday. The price action saw a ripple effect on the trading volume which saw a 44% rise in just 24 hours from $303 million to $541 million. The digital asset’s market cap also ballooned from $1.6 billion to $2 billion in the same period.
At the time of writing, Bitcoin SV is still up 17% from the same time on Monday against both the USD and BTC. The trading volume is holding at $581 million in the last 24 hours while the market cap is standing at $2 billion.
Looking at the one-hour chart, BSV’s break above the Simple Moving Averages (SMAs) was key to the tremendous gains. The 50 SMA on the one-hour chart and the 100 SMA are still playing catch up. However, they are inline to offer support in case an extended reversal occurs.
Bitcoin SV has broken below the short-term accelerated trendline and is trading at $112.67. Short-Term support is formed at $110 while the upside is limited at $115.
BSV/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.