Defying the 2023 uncertainty in the crypto market, the Bitcoin SV coin price came as the highest gainer registering 125% weekly growth. This upsurge was largely attributed to heavy trading in South Korea, reflecting a spike in investors’ interest in these assets. However, the buyer’s struggles to sustain above $100 sparks concern of a potential correction.
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Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has recently witnessed a massive inflow of buying pressure. A steady recovery in this asset took a sharp upturn on December 27th, which resulted in a 53% intraday gain.
This development was primarily driven by South Korean investors, with a significant concentration of trading activity on the Upbit exchange. Upbit accounted for a remarkable $513.81 million in BSV trades, which represented about 67.25% of the total trading volume at the time. This surge in trading volume in South Korea was a clear indicator of the increasing interest in BSV among local investors.
In the last seven days, the BSV price marked a low and high of $49.45 and $111.94 respectively, registering 125.9% growth.
However, the price rally hits a significant roadblock at $100, evident by long-wick rejection candles in the daily chart. This selling pressure is likely triggered by profit booking from short-term traders.
This supply pressure may trigger a minor pullback to prove its suitability at a high price and allow buyers to regain strength.
A minor pullback after an aggressive rally is common in an established trend as it allows bulls to recuperate bullish momentum and attract more buyers. If the BSV price has formed a new top at the $112 level, the potential correction may find suitable support at $90 and $75 as they coincide with the 23.6% and 38.2% Fibonacci retracement levels.
However, any correction below the 50% FIB level at 64% would start reflecting weakness in buyers’ conviction.
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