The crypto industry regained momentum as the market displayed a rise in its charts for the third consecutive day. Further, the Bitcoin price has managed to break out of its crucial resistance level of $28,000 for the first time after two weeks, indicating a possibility of a significant price movement in the coming days.
The Bitcoin SV price traded sideways briefly as the coin was trading in a consolidated range between $30.65 and $32.53 since the start of September.
Following the beginning of October, the coin gained significant traction as the price experienced massive price action. As the coin gained bullish momentum, it surged from $32 to $43.47 by breaking out of multiple resistance levels.
The price then got rejected and lost momentum, resulting in the price to plunge to a low of $32.53. BSV price traded in a consolidated range of $32.53 and $34.49 for about a week, indicating a disinterest among the investors in this crypto.
A piece of news then broke out stating that the iShares spot ETF application had been approved by the SEC, after which the Bitcoin SV coin price regained momentum and made a run to retest its upper resistance level. Still, the price was rejected at $41.52 as the news was confirmed fake.
The BSV price is presently testing its resistance level of $37.75, of which the outcome is uncertain.
The MACD had displayed constant flatlines for September. Since the start of October, significant fluctuations can be seen in the chart, indicating massive buying and selling pressure for this crypto. Further, the histogram displays a decline in the green histogram, suggesting a possibility of a price correction in the coming days.
Will BSV Price Continue To Surge?
If the bulls push the price above the resistance level of $37.75, the price will gain momentum enough to prepare itself to test the upper resistance of $39.52 soon.
If the market continues to gain momentum, the price will make a run to test its resistance zone at $41.50, and if it manages to break out of it, the price is bound to test the critical resistance level at $43.47 this month.
On the contrary, if the bears come into power and trend reversal occurs, the price will lose momentum, start trading under a bearish influence, and test its support level of $36.16.
Moreover, if the market experiences a short selling or a significant whale activity, the price will record a price plunge and may fall back to its lower support level of 30.65 in the coming days.
