Bitcoin SV (BSV) Has Broken Through $200: What’s Next?

When zooming out, it is clearly visible that Bitcoin SV has been trending downwards for quite some time — creating numerous lower highs in the process. Cryptocurrency personality @liujackc stated his disbelief about the BSV price decrease, stating that: 

BSV Price is down 40% since the conclusion of @CambrianSV Lisbon just over two months ago.

CambrianSV is a boot camp for developers that are building on Bitcoin SV. The event in question was concluded on February 15. In this article, we will take a closer look at the BSV price and determine where it is heading next.

Long-Term Resistance

On April 21, the Bitcoin SV price broke out above a long-term descending resistance line. The line had been in place since January 14, when the price had reached a high of $458.7. Since the breakout, the price has increased, albeit only slightly. The closest resistance areas are found at $220 (minor) and $255 (major). Technical indicators give a bullish outlook. The BSV price has moved above its 200-day MA and validated it as support. In addition, the RSI has bounced at the 50-line and has moved upwards — a sign that the price has begun a bullish trend.

In the short-term, the BSV price has already broken out from a descending resistance line. While the RSI is oversold, it has yet to generate any bearish divergence. Therefore, the price is expected to move towards the minor support area discussed above, found at $220.

BSV versus BCH

The prices of BSV (candlesticks) and Bitcoin Cash (BCH, orange) are shown in the image below. In the period measuring from February 5, BSV has decreased by 24.71 percent while BCH has done so by 33.18 percent. The movement of both has been almost identical, especially until the March 13 bottom. However, BSV has fared slightly better during its recovery, hence the difference in the rate of decrease. BeInCrypto has previously compared the long-term price movement of BCH and BSV since their respective halving here.

To conclude, the Bitcoin SV price has broken out from a long-term resistance line, indicating that it has begun a bullish trend — a sentiment that is echoed by technical indicators and a breakout from a short-term trend line. The BSV price is expected to continue increasing towards the resistance levels outlined above.