Bitcoin SV has dropped below $ 170 in the last 24 hours and fell to $ 167 at the time of this writing. The market seemed bearish overall, but according to the analysis, the relative change for Bitcoin SV seemed minimal as the asset seemed to be sideways over a long period of time.
As of press time, Bitcoin SV had a market cap of $ 3.11 billion in the industry.
Bitcoin SV 1-day chart
Though Bitcoin SV declined last day, the long-term chart of the asset suggests that strong consolidation between $ 218 and $ 164 has been held steady since April 3. On April 8, the BSV price peaked at $ 218 after the March collapse. Though other assets continued to spread far into late May and June, Bitcoin SV's movement has remained below $ 218 since then.
At the time of writing, a falling wedge pattern indicated that BSV may be rallying, but the immediate resistance at $ 198 is unlikely to be exceeded. One of the main indicators of strong resistance at $ 198 is the fact that the 200 moving average became an active overhead resistance on June 11th.
Bitcoin SV may rally up to $ 198 by mid-July, but a break above $ 218 or $ 198 is a long distance.
It can also be noted that the reversal of the 200 moving average may have occurred due to the bearish outbreak observed on June 11th. A negative withdrawal from a descending triangle has caused Bitcoin SV to drop below USD 184 and the asset has remained below the Fibonacci retracement point of 0.786 since then.
The table above shows that a possible retest at $ 155 is also an option for Bitcoin SV. However, given the strong support at $ 164, the asset may be over the range.
The Relative Strength Index or RSI showed no buying momentum as selling pressure in the charts continued to increase.
Bitcoin SV may have another sideways move and may range between $ 218 and $ 164 in the near future. A possible move up to $ 214 could occur by mid-July.
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