Bitcoin SV (BSV) Captures Market Bullishness, Eyes $62 if Momentum Stays Consistent

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%

Altcoins have been enjoying the market's bullishness, with Bitcoin SV (BSV) showing impressive gains. According to CoinGecko, the token has gained over 10% since last week, making it one of the top gainers in the current market environment.

This bullishness is also being felt by private equity, which has contributed to the crypto market's recovery from the early August wipe.

At the time of writing, BSV is trading in the middle of the $40-$46 price range, which is crucial for the upcoming breakout. For the bulls, maintaining the token's current momentum is essential in the long term. The market's continuing bullishness should be sufficient to support the bulls if exhaustion sets in.

However, the token's relative strength index (RSI) indicates a close battle between the bulls and bears, suggesting a slight decrease in BSV's momentum. But with the general market supporting the bulls in the short term, the token has a chance at reaching $62 in the long term if the momentum is consistent.

This also depends on the overall market outlook. As G7 economies experience marginally better economic conditions, the market will remain positive in anticipation of several economic indicators being released in the coming weeks.

As the CPI data release approaches, traders in traditional finance remain divided between a 25 and 50 basis point cut in the coming weeks. However, 51% of traders still expect a 50 bps cut when the consumer price data is released.

The CPI is a key economic indicator that investors and traders monitor on a monthly basis. In July last year, the CPI data indicated a slight dip in CPI, suggesting a minor decrease in the purchasing power of the US dollar.

With the CPI data release approaching, the broader market is experiencing a lockdown phase, with slight upticks in the short term to maintain a manageable price range. The S&P 500 and Dow Jones are both up by over a percent as the market gradually slows its momentum.

If the CPI data indicates a decrease in inflation, the market's anticipation of a rate cut will finally be realized. A drop in interest rate will not only benefit TradFi but also the crypto market, as the latter's movement is largely influenced by the former.

However, another dip in CPI may prompt the US Federal Reserve to maintain its interest rates, which currently stand at 5.5% following the 8th Federal Open Market Committee last month. This scenario would result in significant outflows from both stocks and crypto, impacting both long-term and short-term gains.

The above is the detailed content of Bitcoin SV (BSV) Captures Market Bullishness, Eyes $62 if Momentum Stays Consistent. For more information, please follow other related articles on the PHP Chinese website!