Bitcoin SV price is trying its best to get back above the three-digit territory but the psychological barrier that the hundred dollars mark has created for the buyers is too much to handle for them.
BSV has a twenty-four (24) hour trading volume of four hundred and thirty-seven million dollars ($437,704,021). The market capital for Bitcoin Satoshi Vision is valued at one billion dollars ($1,550,983,442) while the price at which Bitcoin SV trades is eighty-seven dollars ($87.0490), at the time of writing.
Bitcoin SV price seeking bulls
Bitcoin SV has been trading near the eighty-five ($85) dollars mark for quite some time now and while the price kept its consolidation routine, both the bulls and the bears decided that they’ll be making moves when a new trend starts to form.
If the traders somehow manage to rag the price back to ninety ($90) dollars, then they won’t have to worry about the psychological barrier at one hundred dollars ($100) that would have otherwise thwarted their plans towards a successful bull run. A rebound will initiate with the price reaching the ninety ($90) dollars mark.
Bitcoin SV price chart by TradingView
This will place BSV back on the one hundred and seven dollars ($107) mark, though moving above the one hundred and seven dollars ($107) marker would be quite a feat for the bulls as this is a strong resistance. The next major resistance would be in the long term at one hundred and eighty-eight dollars ($188.690).
There’s a catch to this predicament: with the relative strength index (RSI) running bullishly low into the oversold territory and the moving averages (MA) sloping down yet still above the trading price, it is quite likely for the price to fall. If BSV falls below the seventy-eight dollars ($78.506), then a retest of sixty-six dollars ($66.666) will be a favored possibility.