Bitcoin SV (BSV) recently recorded remarkable gains, trading at $44 on December 11 and soaring to $108 by December 29, marking a 145.8% increase. Moreover, it broke through the weekly resistance zone.
In the past few days, a slight decrease in open interest for BSV contracts was observed, potentially indicating a weakening bullish sentiment. The daily chart suggests BSV’s market structure remains in a strong uptrend.
The Relative Strength Index (RSI) was well above 70, reflecting the strong momentum from the previous week. The On-Balance Volume (OBV) also took a significant step upwards, highlighting buying pressure. The area between $91.5 and $102.1 is noted as a bearish order block on the weekly timeframe, and the $100 level is psychologically significant, making the move towards $108 crucial.
If bulls can defend the $100 level and push prices above $108, it could signal the start of the next bullish phase. The next targets could be the 23.6% Fibonacci extension level at $123 and the 61.8% level at $147. The open interest chart is a good barometer of market sentiment. Despite strong resistance around $110 in the last three days, BSV prices have been gradually trending downwards.
This trend indicates a short-term bearish sentiment, with participants not willing to bet on further price increases. The spot Cumulative Volume Delta (CVD) also saw a decline. Therefore, a pullback to the weekly interest area between $91.5 and $102 is likely in the coming days, which could be followed by another move towards $123 or higher.
