• Bitcoin SV (BSV) price has been consolidating inside the horizontal price bracket region.
• The price of BSV must build a sizable bullish support base before ascending to the upper level.
• For BSV to climb significantly, it must attract massive numbers of buyers and have volume change improve.
Bitcoin SV (BSV) Price Consolidation
The price of Bitcoin SV (BSV) is trading between $43.77 and $65, forming a horizontal range-bound area on the daily chart. Despite bulls’ efforts, the cryptocurrency is still plunging into the bottom zone of its consolidation phase, with a 24-hour trading volume of $93,530,880 and a market valuation of $844,394,737. Currently 19 million BSV tokens are in circulation.
Key Moving Averages
The price of BSV is dramatically below two key moving averages – the 100 and 200-day EMA as well as hovering around the 50 and 200-EMA. To move faster towards an upward trend over the daily chart, it needs more buyers to increase its demand for higher prices. For this reason volume change needs to improve for further market gains.
Price Forecast: Can BSV Break Above $50?
For Bitcoin SV to break above the resistance level at $50, it requires massive numbers of buyers in order to reverse its current trend downwards on the daily chart. Bulls need to create a strong support base before pushing prices up higher than that target mark and beyond.
Currently there is low buying pressure which keeps pulling down prices despite any small bull rallies occurring along with it; however if large enough buying activity occurs then momentum may be generated that could reverse this trend upwards towards resistance levels at $50, $55 or even further up at $62 if enough bullishness takes place over time .In addition ,the initial resistance might be generated above moving averages such as 50 day EMA .
In conclusion ,for Bitcoin SV (BSV)price to break above resistance level at$50 ,it requires increased buying pressure from potential investors .Bulls needto create strong support base before pushing prices above that mark . Iflarge enough buying activity takes place then momentum can be generatedthat could lead towards higher heights across different resistances levels .Finally ,initial resistance can also be expected above certain movingaverages such as 50 day EMA