Bitcoin SV [BSV] faced a major threat to its last week’s 50% gains after hitting the overhead hurdle near $60.
BSV retraced to a key area of an FVG and $50 psychological level and could attract bullish bets. Will the pullback stop at the level?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionfaced a major threat to its last week’s 50% gains after hitting the overhead hurdle at $60.
Ergo, the confluence area could slow the pullback and offer buyers re-entry chances to the market. If so, the bullish target will be the immediate overhead hurdle and bearish order block of $59.0 – $65.68 formed on 10 May 2022.However, buying pressure was still high, as shown by the Relative Strength Index’s overbought condition at the time of writing.
Besides, the Spot market’s demand for BSV spiked over the last week, as shown by On-Balance Volume’s uptick. But, the flat movement showed a slight wavering in demand in the past few hours before press time.The demand in the Futures market dropped from $47 million to >$30 million at press time, as shown by the dip in Open Interest rates. The demand drop captured the recent pullback.
However, the overall investment sentiment was still positive, as demonstrated by the positive funding rates. In addition, the long-term price trend was firmly in an uptrend, as indicated by the Accumulative Swing Index .Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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