Bitcoin SV Makes A Surprise Move With 10% Uptick – Details
August 14 2024 - 8:00PM
NEWSBTC
The market’s bullishness has now spread to altcoins with Bitcoin SV
capturing some of its momentum. According to CoinGecko, the token
is up over 10% since last week, becoming one of the top gainers
within this market environment. Related Reading: HODLing
Resurgence? 374,000 Bitcoin Transfer Ignites Crypto Recovery With
private equity enjoying gains as well, the bullishness has leaked
to the crypto market, turning the early August wipe into
well-deserved upticks. Bitcoin SV On Good Price Range For A
Breakout As of writing, the token sits right in the middle of the
$40-$46 price range which will be essential for the coming
breakout. For the bulls, maintaining the current momentum of the
token is vital in the long term. The market’s continuous
bullishness should be enough to prop up the bulls if exhaustion
takes over. However, the relative strength index (RSI) of the
token reveals that the bulls and the bears are in a tight lock,
indicating that BSV’s momentum has slightly gone down. But with the
general market in support of the bulls in the short term, the token
has a shot at taking $62 in the long term if the momentum is
consistent. But this also depends on the general outlook of
the market. As G7 economies experience slightly better economic
conditions, the market will continue to be positive on the coming
release of several economic indicators in the coming weeks. Market
Hunkers Down As CPI Data Release Nears As of writing, traders in
traditional finance are still split between a 25 and 50 base point
cut in the coming weeks. However, 51% of traders are still
expecting a 50 bps cut once the consumer price data is released.
The CPI is one of the most crucial economic indicators that
investors and traders are monitoring monthly. Last July, the CPI
data showed a slight dip in CPI, indicating a slight dip in the
purchasing power of the US dollar. With the release of the
CPI data nearing, the general market enters a lockdown phase,
gaining slight upticks in the short term to stabilize the price in
a manageable price range. The S&P 500 and the Dow Jones are
both up over a percent as the market gradually slows its
momentum. Related Reading: Helium (HNT) Surges 48% — Here’s
What’s Fueling The Rally If the CPI data shows that inflation is
dropping, the market’s assumption of a rate cut will eventually
come true. A drop in interest rate will not only be beneficial for
TradFi but also for the crypto market as the latter’s movement
hinges on the movement of private equity. However, another dip in
CPI might push the US Federal Reserve to maintain its interest
rates which is currently 5.5% after the 8th Federal Open Market
Committee last month. This scenario will see large outflows on both
stocks and crypto, hurting long-term and short-term gains.
Featured image from Host Merchant Services, chart from TradingView
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