The cryptocurrency market had been in the bear’s reign for long enough to make the market vermillion, however, the end of the week got great joy as the coins soared and rode a bullish high. Bitcoin [BTC], which had been falling for the longest time, also noted a significant growth.
At the time of press, the Bitcoin was valued at $3,647.67, with a market cap of $63.9 billion. The coin registered a 24-hour trade volume of $6.4 billion while registering a growth of 5.28% over the week. The coin has been falling by 0.48% over the past day and continued to fall by 0.19% over the past hour.
According to BTC’s one-hour chart, the coin reported a downtrend from $3,428.41 to $3,366.96, followed by an uptrend from $3,356.22 to $3,586.67. The coin drew resistance at $3,648.85 and a support at $3,585.60.
Bollinger Bands appear to be converging, decreasing market volatility. The moving average line is over the candles, indicating a bearish trend.
Awesome Oscillator also indicated a weakened bearish momentum.
Chaikin Money Flow, on the other hand, indicates a bullish market as the marker line is above the zero-mark.
According to the one-day chart of the coin, a downtrend is traced from $6,188 to $3,195.71, after which an uptrend was noted from $3,194.99 to $3,358.99. The coin marked an immediate resistance at $4,040.98 and another resistance at $4,075.33. The coin observed strong support at $3,358.99 and another resistance at $3,184.28.
Parabolic SAR points towards a bullish trend as the markers have aligned themselves under the candles.
MACD line is over the signal line, marking a bullish trend.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per a majority of the indicators, Chaikin Money Flow, Parabolic SAR, and MACD, a bullish market is forecast. However, Bollinger Bands and Awesome Oscillator are predicting a bearish market taking over.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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