- Bitcoin SV rises above key resistance barriers as $200 beckons.
- An uptick in the number of new addresses joining the network is a bullish signal for BSV.
Bitcoin SV slumped to $110 amid the selloff last week. Support at this level ensured that the downtrend was mitigated. As stability returned to the market, gains continued above $124, paving the way for a sharp upswing past $160.
In the meantime, BSV trades at $163 after hitting a barrier at $170. Immediate support appears to be forming at $160 to validate the uptrend eyeing $200.
Bitcoin SV price poised for rebound to $200
Despite the stalling at $170, Bitcoin SV seems ready for another nurtured uptrend to $200. This follows the Moving Average Convergence Divergence (MACD) bullish signal. In addition to crossing into the positive region, the MACD line recently settled above the signal line. If this technical picture remains unchanged or improves, the gap to $200 will be closed quickly.
BSV/USD four-hour chart
The majestic liftoff has been affirmed by the Relative Strength Index (RSI). The RSI recovered from the oversold region and currently sits in the overbought area. If this position is sustained on the four-hour chart, more buyers will be compelled to join the market.
IntoTheBlock’s “Daily Active Addresses” model shows that the number of new addresses created on the Bitcoin SV network has resumed the uptrend after falling to a June low of 65,000 addresses per day, calculated on a 30-day trailing average. At the moment, Bitcoin SV’s network growth holds roughly 300,100 new addresses per day.
The improving network growth is a bullish signal for Bitcoin SV price. As more users join the network, interaction increases with a direct impact on speculation levels. Note that a break above $200 could jumpstart the next upswing toward $300.
Bitcoin SV network growth model
Looking at the other side of the picture
According to the IOMAP model, recovery to $200 will be a formidable challenge. The on-chain model cements the bears’ influence over the price by revealing the massive resistance zone between $176 and $181. In this range, nearly 341,000 addresses previously bought approximately 541,000 BSV. Trading above this zone will not be a walk in the park; thus, recovery may take longer to materialize.
Bitcoin SV IOMAP model
On the flip side, Bitcoin SV price sits on relatively weak support areas, adding credibility to the bearish notion. However, the model brings our attention to subtle buyer congestion between $147 and $152. Here, roughly 148,000 addresses are currently profiting from the approximately 361 BSV bought in the zone. In other words, this support area is not strong enough to hold Ethereum for long and may give way to another correction.