With the Bitcoin price back under the $60,000 mark, the close and long-distance cousins of Bitcoin, e.g., Litecoin and Bitcoin SV, are facing high fluctuations.
The BSV price shows a bullish comeback after a massive three-day drop of 12.45%. Following the 2.89% jump yesterday, the Bitcoin SV price is back to $42.86 with an intraday jump of 0.58%. Will this recovery lead to crossings above $50?
Bull Cycle in BSV Weekly Trend Possible
In the weekly chart, the Bitcoin SV price remains under intense bearish influence with the long-coming resistance trendline in action. Currently, the weekly BSV price trend displays an early bullish recovery from the $18.33 support level.
After an early reversal from the $34 level, the Bitcoin SV price has increased by 23.81% over the last eight weeks with a diagonally positive move.
However, in the 4-hour chart, the bullish trend in BSV price is more significant with a V-shaped recovery. The altcoin surpassed the $47 mark at the 61.80% Fibonacci level, signaling a surge in demand. However, the three-day drop results in a pullback under the $38.20 level and tests the $40 psychological mark.
With the Bitcoin price stabilizing under $60K, the Bitcoin SV price makes a comeback of 3.66% and is heading towards the 50% Fibonacci level in the four-hour chart at $44.83.
Technical Indicators:
MACD: The MACD indicator shows a bullish crossover opportunity in the weekly and the four-hour price trend.
RSI: The weekly RSI line reveals a bullish divergence, increasing the possibility of a bull run to challenge the overhead trend line. Similarly, in the four-hour chart, the RSI line spikes up from the oversold zone and is heading to surpass the halfway line.
Will BSV Price Continue To Surge?
Currently, the weekly 4-hour price trend teases a bullish comeback with a morning star pattern to reclaim the surface above the 61.80% level at $47.25. Thus increasing the chances of a bullish reclamation of over 50% of the psychological mark. On the flip side, the support levels are present at $40, $39.40, and $34.55.
