Bitcoin SV was created with a hard fork of Bitcoin Cash or BCH to keep the original Bitcoin version intact. BSV faced a sudden fall of 50% in May 2021, resulting in a considerable difference between the actual value and the long-term moving average of 200 days. A massive gap between these two aspects highlights a sudden buying sentiment. 200 DMA levels wouldn’t be breached in a single day, and hence there could be another attempt to breach this resistance to become trending in the near term.
BSV currently ranks at 44th position in terms of market capitalization. With its 90% circulating supply, at present, BSV is worth USD 3.48 billion. Although the price movement on the upside cannot be compared to the action seen on Bitcoin Cash or Bitcoin, there is some hope still it manages to make another attempt to trade above the 200 DMA.
BSV Struggles Near $200 Mark
Bitcoin SV has been on an upwards trajectory without any significant profit booking or weakness. BSV is facing difficulty in continuing with the rally at the current value, and we are getting a hint of a profit booking scenario.
Bitcoin SV created an indecisive candle on September 06, where both buyers and sellers were caught in action. With a larger selling volume, Bitcoin SV did close a little lower, there wasn’t huge selling despite larger selling volume. On the contrary, the price action on September 07 is just the reverse, where we can see a higher selling drawdown even with a much smaller volume.
Bulls seem to be sleeping currently as RSI takes a dip from overbought zones towards mildly bullish levels of 60. Since 200 DMA is also falling in recent days, one should accept another attempt at breaching 200 DMA with the level going down from the current value of $199.22.
BSV has strong support at $150 levels, followed by previous swing low levels of $172. The resistance at BSV coincides with 200 DMA and a substantial psychological number of $200. One should hold their investments with hopes of BSV taking another attempt to breach the $200 levels.
