Bitcoin SV Price Eyes 2X Gains Amid BTC Correction
Bitcoin SV price surged for the past week, gaining 18.4% and outperforming its predecessor, Bitcoin. The price surge may have resulted from the Bitcoin Conference 2024, which took place on July 25–27.
Despite the recent correction of the Bitcoin price to below $67,000, the BSV price continued to rise, breaking out of a critical bullish market structure. Additionally, a £10 billion BSV investor class action lawsuit against centralized exchanges for delisting BSV has been marking a partial win for the cryptocurrency.
BSV price has gained 9.6% over the past day and is trading at $53.11, surpassing the $1 billion market cap mark.
BSV Open Interest and Funding Rate Signal Extended Rally
Data analysis firm Coinalyze shows the Bitcoin SV open interest (OI) surged 79.25% in the last 24 hours, signaling investors have been funneling funds into the asset.
The BSV funding rate, which shows the difference between the asset’s futures and spot prices, is currently negative at -0.0126. However, the aggregated predicted funding rate for tomorrow is positive at 0.0174. This indicates that the Bitcoin SV price is expected to continue soaring tomorrow.
The partial win at the UK’s Competition Appeals Tribunal (CAT) may have inspired optimism among BSV investors that the asset would be re-listed on the digital exchanges.
Centralized exchanges accused in the lawsuit include Binance, Kraken, shapeshift, and Bittylicious. The CAT dismissed Binance’s attempt to limit damages pre-trial, allowing full claim assessment at trial. The case will proceed to preliminary trials on the mitigation of losses.
Bitcoin SV Price Hints 117% Rally from Falling Wedge Breakout
BSV price is trending upward following a breakout from a falling wedge pattern, which typically signals a bullish reversal. The Bitcoin SV price action is above the 50-day EMA but below the 200-day EMA, suggesting that although there was a recent breakout, there may be some slight bearish pressure on the price.
On the way up, Bitcoin SV price may encounter resistance around $58.93 (200-day EMA) and $87.73, which is the target level based on the height of the wedge. On the flip side, if bears prevail, BSV price may find support at $47.32 (50-day EMA) and $31.67, which is almost the most recent low.
The Relative Strength Index (RSI) is at 69.05, approaching overbought conditions but still indicating strong bullish momentum. The Chaikin Money Flow (CMF) is at 0.27, indicating positive money flow and sustained buying pressure. The Moving Average Convergence/Divergence (MACD) also shows a bullish crossover with increasing histogram bars, confirming upward momentum. CoinGecko shows a 370% spike in the daily trading volume of BSV, signaling strong investor interest and supporting the bullish trend.
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