Bitcoin SV price analysis: BSV currently consolidates near $120 before a breakout

Bitcoin SV price rose high at the beginning of June and by the mid of the month, the price spikes to two hundred and thirty-one dollars ($231.431).

On June 21, BSV was standing at two hundred and forty-one dollars ($241.937). The downfall after that caught Bitcoin SV making it drop to one hundred and seven dollars ($107.07). The drop was countered by a rebound to one hundred and seventy-seven ($177.89) before continuing its downward trend.

Bitcoin SV price analysis: BSV currently consolidates near $120 before a breakout 2

Bitcoin SV price chart by TradingView

Bitcoin SV trades at one hundred twenty dollars ($120.120) at the time of writing. The twenty-four (24) hour volume for Bitcoin SV is valued at five hundred and twenty-seven million dollars ($520,818,372) while the market capital for Bitcoin SV is two billion dollars ($2,162,320,862).

Bitcoin SV price might dip

The twenty (20) day exponential moving average (EMA) has served as the pit stop for the one hundred and seven dollars ($107.07) mark rebound that recently brought BSV back. The bulls can try and push past the fifty (50) day simple moving average (SMA) that is running above the EMA line.

Bitcoin SV price analysis: BSV currently consolidates near $120 before a breakout 3
Bitcoin SV price chart by TradingView

This is an unlikely move because the bulls do not look much determined and a downfall might ensue. But if the bulls do manage to take BSV above the SMA, then they will have to face the second resistance mark at one hundred and fifty ($150) dollars.

Once above the one hundred and fifty dollars ($150) mark, BSV can waltz straight to one hundred and eighty-eight dollars ($188.69). On the other hand, if the price goes below the EMA line, then one hundred and seven dollars ($107.07) will be the only major resistance mark available. Below that bearish movement will begin.

The relative strength index (RSI) is lower than fifty (50). While the RSI is in the oversold territory, it manages to climb higher. If RSI moves over to overbought territory then the buyers will have the green signal to start moving