Bitcoin’s price trend has recently stopped its bull-run that it was carrying to hit the $10,000 price mark. With this, the crypto market has taken a bearish turn around as the prices are responding to BTC’s price decline.
Bitcoin SV is no exception when it comes to such market volatility. The currency is holding a moderate bearish bias today since 03:00 UTC. It is visible that in the current disturbed market, a fresh start something a bit too much to ask for. However, at least a steady movement above the key support level is crucial.
Bitcoin SV Price Analysis
BSV/USD opened yesterday at around $187, and it remained around that price range for a while. A bullish breakout took place when the price of Bitcoin SV stepped up a bit and traded above $189.
It is today morning when the coin has seen a sharp bullish move, and it cleared a few resistance levels above 50% fib level and reached $206.93 by registering a 9.30% hike. However, the downward correction that occurred in the latter half of today has ushered the BSV price below the 50% fib level.
Currently, Bitcoin SV technicals are indicating mixed signals. The currency is well above the 200-day EMA line while the MACD indicator is in the negative zone. At the moment, BSV needs a support level, which is what it is testing at $198.