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Bitcoin SV price analysis: BSV must reach $100 again

Bitcoin SV price analysis BSV must reach 100again

Bitcoin SV price has been trading in a downward wedge pattern with the price going below the ninety dollars ($90) mark in the past few days.

On September 24, Bitcoin SV price was trading at one hundred and eleven ($111.73) dollars and then the price started to decline again. Gradually decreasing, we have the price currently located near the eighty dollars ($80) mark and it seems that the price will keep on going lower.

Bitcoin SV price analysis: BSV must reach $100 again 1

Bitcoin SV price chart by TradignView

Today, Bitcoin SV trades at eighty-three dollars ($83.829), at the time of writing and the twenty-four (24) hour trading volume has surged by two percent (2.5%) since yesterday. It is valued at five hundred and seven million dollars ($507,512,030) while the total market capital for Bitcoin SV is one billion dollars ($1,509,123,965).

Bitcoin SV price might not hold at $80

The relative strength index (RSI) is knee-deep in the oversold territory with the price not being able to bounce off the last rebounding mark. This can lead to the price falling further down below the fifty ($50) dollars mark.

If the cryptocurrency does not break the current trend with a rebound then the next stop will be at the forty eight-dollars ($48.640) support mark. Further down below is a support mark at thirty-eight dollars ($38.528) if the forty-eight ($48.640) dollars support does not hold.

Bitcoin SV price analysis: BSV must reach $100 again 2

Bitcoin SV price chart by TradignView

On the top side, we have the one hundred and seven dollars ($107) resistance where the price might slow down before the bulls try to push it above, once the rebound has caused the current trend to break.

The resistance mark that is difficult to overcome will be at one hundred and seven dollars ($107) dollars and after that is a minor resistance at one hundred and eleven ($111.73) dollars which previously had been acting as a support. If the bears push past the one hundred and seven dollars mark and secure it above that price level, then, in the long run, we can expect BSV o touch the one hundred and fifty ($150) dollars resistance mark again.

 

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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