- Bitcoin SV stalls at $330 following an incredible recovery from $250.
- The bulls remain focused on breaking the resistance at $350.
Bitcoin SV has been the best performing cryptocurrency in the market over the last 24 hours. With a more than 15% growth in value, BSV has literally dwarfed Bitcoin’s 0.33% rise. The surge was part of a recovery movement from the lows recorded on Monday at $250.
Looking back at the performance in the last seven days, BSV has touched highs around $384. On the downside, the crypto has confirmed the presence of bulls at $250, a region that has kept BSV afloat despite the calls by the bears to see the price return to levels at the beginning of the year ($100).
BSV/USD daily chart
Meanwhile, BSV/USD is exchanging hands at $310 and attempting to pull above the 61.8% Fib retracement level, taken between the last swing high at 458.449 to a swing low at $79.93. The buyers are also working hard to keep the price above $310. Otherwise, there is a high risk that the support at $300 might not hold, opening the Pandora box to retest the support at $250.
Moreover, BSV is trading within the confines of a symmetrical triangle pattern. A break under the tringle support coupled with the high volume could be catastrophic for BSV. Therefore, to be on the safe side, it is vital that the bulls hold the price around $310 and focus on pushing past the next hurdle at $350.