The bullish trend in the market has extended to altcoins, with Bitcoin SV now catching some of that momentum. According to CoinGecko, the token has seen a rise of over 10% since last week, positioning itself as one of the top gainers in the current market climate.
Private equity markets are also experiencing gains, which has further fueled the bullish sentiment in the crypto market. The early August downturn has transformed into well-deserved upticks, indicating a positive outlook for various assets.
Bitcoin SV is currently hovering within the $40-$46 price range, a crucial zone for a potential breakout. Sustaining the current momentum is key for the bulls in the long run, especially with the overall market sentiment remaining positive. While the relative strength index (RSI) suggests a slight decline in BSV’s momentum, the broader market support could drive the token towards $62 if the momentum remains steady.
The upcoming release of economic indicators in G7 economies is anticipated to maintain market optimism, supporting the ongoing bullish trend. As traders await the CPI data release, traditional finance markets are divided between a 25 and 50 base point interest rate cut, with a majority leaning towards a 50 bps reduction.
The CPI data plays a crucial role in shaping investor sentiment, with previous data hinting at a decrease in the purchasing power of the US dollar. As the market braces for the CPI release, there is a slight uptick to stabilize prices within a manageable range, with indices like the S&P 500 and Dow Jones registering modest gains.
A drop in inflation indicated by the CPI data could confirm market expectations of an interest rate cut, benefiting both traditional finance and the crypto market. Conversely, if CPI sees another decline, the US Federal Reserve may opt to maintain interest rates, leading to outflows from both stocks and crypto assets, impacting short-term and long-term gains.
