- Bitcoin SV breaks out in overwhelming gains shunning the dully market trend.
- Following the impeccable surge, BSV is trading in a range between $110 and $115.
Bitcoin SV exploded in marvelous gains on Monday becoming a market leader in terms of recovery. From an opening price of $94.69, BSV ascended to highs of $113.24 at the close of the session yesterday. The price action saw a ripple effect on the trading volume which saw a 44% rise in just 24 hours from $303 million to $541 million. The digital asset’s market cap also ballooned from $1.6 billion to $2 billion in the same period.
At the time of writing, Bitcoin SV is still up 17% from the same time on Monday against both the USD and BTC. The trading volume is holding at $581 million in the last 24 hours while the market cap is standing at $2 billion.
Looking at the one-hour chart, BSV’s break above the Simple Moving Averages (SMAs) was key to the tremendous gains. The 50 SMA on the one-hour chart and the 100 SMA are still playing catch up. However, they are inline to offer support in case an extended reversal occurs.
Bitcoin SV has broken below the short-term accelerated trendline and is trading at $112.67. Short-Term support is formed at $110 while the upside is limited at $115.