BSV Price Hints 117% Rally from Falling Wedge Breakout

Bitcoin SV price surged for the past week, gaining 18.4% and outperforming its predecessor, Bitcoin. The price surge may have resulted from the Bitcoin Conference 2024.

Bitcoin SV (BSV) price has surged over the last week, gaining 18.4% and outperforming its predecessor, Bitcoin (BTC). The price surge comes as the Bitcoin Conference 2044 is set to take place from July 25 to 27.

While the BTC price has seen a recent correction, dropping below the $67,000 level, the BSV price has continued to rally, breaking out of a key bullish market structure.

Also, a £10 billion BSV investor class action lawsuit against centralized exchanges over the delisting of BSV has seen a partial win for the cryptocurrency.

BSV price is up 9.6% in the last 24 hours and trades at $53.11, pushing past the $1 billion market capitalization mark.

BSV Open Interest, Funding Rate Hints at Extended Rally

Data from the crypto analysis firm Coinalyze shows that the Bitcoin SV open interest (OI) has surged by 79.25% in the last 24 hours, indicating that investors have been pouring funds into the asset.

The BSV funding rate, which shows the difference between the asset’s futures and spot prices, is currently negative at -0.0126. However, the aggregated predicted funding rate for tomorrow is positive at 0.0174. This indicates that the Bitcoin SV price is expected to continue rising tomorrow.

The partial win at the UK’s Competition Appeals Tribunal (CAT) may have instilled optimism among BSV investors that the asset will be relisted on the digital exchanges.

The centralized exchanges named in the lawsuit include Binance, Kraken, shapeshift, and Bittylicious. The CAT dismissed Binance’s attempt to cap damages pre-trial, allowing the full claim to be assessed at trial. The case will now proceed to preliminary trials on the mitigation of losses.

Bitcoin SV Price Eyeing 117% Rally from Falling Wedge Breakout

The BSV price is trending up after breaking out of a falling wedge pattern, which usually indicates a bullish reversal. The Bitcoin SV price action is above the 50-day EMA but below the 200-day EMA, suggesting that there is some slight bearish pressure on the price despite the recent breakout.

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