Bitcoin SV is one amongst the top 10 cryptos of the market, and a fact that is indirectly forked out of Bitcoin Cash that is a hard fork of Bitcoin has much resemblance with the momentum of BTC and BCH. Just as Bitcoin continues to trade and consolidate below $12k and even $11.5k, Bitcoin Cash and Bitcoin SV fail to rise above the immediate resistances.
Moreover, it was just at the onset of the year when the primary cryptocurrency’s original design is back with Bitcoin SV’s upgrade and a hard fork named Genesis. This hard fork of BSV gives back the protocol of Bitcoin as close as it was initially released over the decade in 2009.
The price dynamics of BSV in this regard of the upgrade were quite promising at the onset of the year until the massive market crash in March when it plummeted below $85. However, the current price has strengthened by over 120% against the US Dollar in 5 months from $83 to $186 (current market price).
Bitcoin SV Price Analysis
Bitcoin SV is drawing a bearish candlewick below 38.20% Fib level and is breaching the lower Bollinger Band on the above chart. After drawing a YTD low below $85, BSV/USD was seen drawing flatline around 38.20% Fib level slightly above $200. After having strengthened from the YTD low, Bitcoin SV has tested supports as low as $149 at 61.80% Fib Retracement level.
However, a complete rejection above $258 over the past three weeks, Bitcoin SV has lost support from MA50 & MA200 after dropping below $200 and $190.
In this regard, Bitcoin SV is drawing a bearish divergence on the MACD chart as the signal line crosses above the MACD line, and similarly, the RSI is seen approaching towards the support, while currently lies at 39.24.