Is It Too Late to Buy Bitcoin SV? BSV Price Rallies 80% as MK Token Approaches $5 Million
Bitcoin SV (BSV) has been one of the biggest beneficiaries of the recent bullish sentiment in cryptocurrencies.
Its price exploded 53.74% higher yesterday to $76.78 and the momentum continued with BSV surging another 19.03% to $91.27 today.
With BSV up more than 80% for the past two days, investors are debating whether this vertical trajectory can persist.
Examining the key technical indicators reveals that while BSV remains in a strong uptrend, the pace of gains may be nearing a climax.
The 20-day EMA for the BSV price stands at $55.98, well below the current level of $91.27.
Meanwhile, the 50-day EMA sits at $51.22, highlighting the significant divergence between the price and common moving averages.
The RSI currently reads an extremely overbought 87.74, up from 83.05 just yesterday. This shows panic buying and FOMO have gripped the BSV market.
Readings above 70 generally signify overextended conditions, so the current RSI accentuates the overheated nature of this move.
Additionally, the MACD histogram has surged to 3.58 from yesterday’s 1.69.
The growing positive momentum underscores the vertical trajectory but also hints that the pace of gains may be difficult to sustain.
With the BSV price stretching far beyond its common moving averages and oscillators in overbought territory, the sustainability of this powerful breakout comes into question.
Overhead resistance looms between $98.95 and $102.10, which coincides with the psychologically notable $100 level. If BSV stalls into this zone, reversion to the mean could take hold.
Initial support rests around the Fibonacci retracement levels of 0.236 at $84.89 and 0.382 at $77.38.
A breakback below these areas would signal waning momentum and increase the probability of a deeper
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