Bitcoin SV tracked a unique price action that moved up and down a much broader area, misleading both buyers and sellers. This price movement has made it very difficult for buyers to mark a level as positive for buying and selling. As a result, the range has grown much wider and one wrong move can trap you for a long time.
Although October 7th is marked with golden words, the BSV rose by more than 20% on that day. The last time the coin posted such high gains in a single day was in May 2021. Both times the BSV price rose more than 20% in a single day; a steep fall in prices followed. Therefore, technically speaking, Bitcoin SV investors should wait for a knee-jerk reaction from the majority holders of this cryptocurrency.
Currently, BSV ranks 49th in terms of market capitalization and is valued at $ 3.4 billion, with nearly 90% of its maximum supply being liquidated to 21 million coins.
Bitcoin SV price analysis
BSV is in a broader consolidating area that is losing buyer interest between $ 170-190 and stimulating buying sentiment near $ 110-120. In September alone, the cryptocurrency Bitcoin SV fell more than 42%, rising $ 115 from $ 199.
The BSV cryptocurrency is about to face strong resistance from its 200-day moving average, which is falling to the downside. It is currently active at a level of around $ 191 and is expected to continue to move down until the BSV manages to break out of its smaller range of fluctuation.
Before that, in April 2021, we saw the BSV hit an all-time high of $ 490. The $ 200 level has become an urgent demand for BSV to return to the spotlight and showcase its opportunities to the latest generation of crypto investors. Under $ 200, BSV is just one more branch of Bitcoin waiting to receive as per our due credit Bitcoin SV price prediction.
The RSI for BSV has hit an all-time high of over 75 with a noticeable increase in transaction volume. From a negative RSI level to a positive number, BSV investors have completely turned the sentiment about BSV, which marks a positive outlook for this cryptocurrency.