- Bitcoin SV rivals the selling pressure at $240 as a rally above $250 continues to brew.
- The technical picture dominating the market is mainly bullish as observed with the up-trending RSI and MACD.
Bitcoin SV is among the altcoins that are outperforming themselves on Saturday. In the last 24 hours, the cryptoasset has surged over 10%, breaking above the key 38.2% Fibonacci retracement level taken between the last drop from $455.74 to a low of $77.49. In addition, the spike made it above key moving averages including the 50-day SMA and the 200-day SMA.
BSV/USD is trading at $239 at the time writing in the wake of a minor retreat from $245. However, the technical picture remains positive, especially with the RSI and the MACD moving higher within the overbought and positive regions respectively.
On a wider scope, gains towards $250 seem to be brewing and the hurdle at $245 seems temporal. If the RSI contains movement within the overbought region, buyers will remain in control a while longer. Similarly, the bullish divergence from the MACD cements the buyers’ position in the market. For now, seeking support above $240 is top on the bulls’ priority list as it gives them ample time to push for gains above $250.