Bitcoin SV gets rejected at $15.39: was this breakout already a trap?

However, wallet security developments alone may not be sufficient to support a lasting $BSV recovery without sustained growth in trading demand and broader ecosystem activity.

CoinGlass data shows that Bitcoin SV futures Open Interest has risen to $39.07 million, up from $31.87 million on August 1.

The increase of more than 22.5% indicates that traders are building new positions in $BSV derivatives rather than withdrawing from the market.

Rising Open Interest alongside an increasing price typically supports a bullish interpretation because it suggests fresh capital is entering the market.

Nevertheless, growing leverage can also increase volatility and liquidation risks if the price reverses unexpectedly.

The $BSV funding rate remains positive at 0.0051%, indicating that long-position holders are paying traders with short exposure.

A stable positive funding rate reflects continued demand for bullish positions without suggesting the market has reached excessively leveraged levels.

If both Open Interest and funding remain constructive, $BSV could maintain its upward momentum.

Technical outlook: $BSV challenges the 200-day EMA

Bitcoin SV is trading above $15.00 on Friday, holding comfortably above the 50-day EMA at $13.57.

The token is now testing the 200-day EMA at $15.39, which represents the most important immediate resistance.

This long-term moving average often separates bullish and bearish market structures, making a daily close above it a potentially significant development.

$BSV’s recovery from the June 25 support level of $10.69 suggests that the token may be attempting to establish a broader trend reversal.

A decisive breakout above $15.39 could extend the recovery toward $17.06, a resistance level marked by the December 28 low.

This barrier has rejected bullish advances several times during the year and will likely require strong trading volume to overcome.

The Moving Average Convergence Divergence and its signal line are rising in positive territory on the daily chart.

The indicator supports the bullish outlook by showing that upward momentum is strengthening.

Continued expansion between the MACD and signal line would further reinforce the possibility of a breakout above the 200-day EMA.

However, the Relative Strength Index stands at 60, above the neutral 50 level. The elevated RSI suggests that $BSV could extend its rally as it is not yet in the overbought region.

If $BSV fails to overcome the 200-day EMA, the 50-day EMA at $13.57 provides the first significant support.

A pullback toward this level would leave the broader recovery structure intact as long as buyers defend the moving average.

A daily close below $13.57 would weaken the bullish outlook and could place greater pressure on the June 25 support level at $10.69.

For now, increasing derivatives activity and improving momentum favor buyers. Still, $BSV must secure a clear close above $15.39 to confirm its recovery and target the next major resistance at $17.06.