2024-07-30 07:06:19 by CoinGape

Bitcoin SV price surged for the past week, gaining 24.7% 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 8% over the past day and is trading at $56, surpassing the $1 billion market cap mark. BSV Open Interest and Funding Rate Signal Extended RallyData 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 BreakoutBSV 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.Bitcoin SV Price Chart | Source: TradingviewOn 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. Frequently Asked Questions (FAQs) CoinGecko reports a 370% spike in daily trading volume, indicating strong investor interest and supporting the bullish trend for Bitcoin SV. The partial win at the UK’s Competition Appeals Tribunal (CAT) has boosted investor optimism that Bitcoin SV might be re-listed on major digital exchanges, enhancing its market presence and liquidity. Despite Bitcoin's price correction below $67,000, Bitcoin SV has continued to rise, gaining 9.6% in the past day and currently trading at $53.11, which has pushed its market cap over $1 billion. Related Articles Kamala Harris Exposed, Considers Anti-Crypto Sen. Gary Peters Breaking: US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security BlackRock CIO Affirms No Solana ETF in Near Future Evans Karanja Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.