Bitcoin SV (BSV) Awaits a Persistent Trade Above $200
Bitcoin SV, at the time of writing this analysis, was trading at $197 with a strong resistance formed at $200. BSV/USD has been drawing a subtle and notable uptrend on the 4-hourly chart since the mid of the previous month. This has helped the coin to regain the lost support after falling from a 3-month high around $383.
The steady downtrend after the stated high took the BSV coin to retest the December 2019 support around $88 against the greenback. Although the coin draws no massive gains, it has undoubtedly rebounded from the utter bottom and rose gradually rose above $150, $180, and $190, with an intermittent 30-day high marked at $225.
Bitcoin SV Price Analysis
Bitcoin SV, the hard fork of Bitcoin Cash, is seen having a price accumulation yet draws fine uptrend. When compared to the king of cryptos—Bitcoin, BSV is more volatile in nature, although the latter is experiencing a notable steep rise in the price. Just when BTC drew a temporary crossover above $7.3k, BSV price had an intermittent hike above $200 and $220. Also, if noticed carefully, Bitcoin SV price had a slow yet steady and steep growth after the previous month’s crash when the price of Bitcoin had drowned around the yearly lows at $3,800.
Similarly, if we take an even emphasized look at the price trend of Bitcoin SV against the US Dollar, we see that the coin has gained the lost traction yet the intraday is experiencing a price accumulation in the price range of $170 to $200 with intermittent spikes above $200. With this, the market still awaits a steady and persistent trade above $200 as we await Bitcoin halving resulting in a price spike of a related peer, i.e., Bitcoin Cash and ultimately Bitcoin SV.
The technicals also throw an accumulating signal as the MACD of BSV, and the signal line moves together slightly above zero, while the RSI of the coin is at $51.87 and holds no trading extremities at present, instead appears flat.