Is It Too Late to Buy Bitcoin SV? BSV Price Spikes Up 4% and AI Project Launchpad Raises $1.5 Million – Just 24-Hours Left
Bitcoin SV (BSV) is battling key resistance from the 20DMA, as bulls attempt to secure foothold amid retracement move.
This comes following an explosive move for BSV, which shot-up +38% last week as DEX markets chased Bitcoin's short-lived recovery to $27,720 - in a move that saw off-shoots like BITCOIN and BTC20 pump.
The Bitcoin pump was triggered following a court ruling that the SEC failed to adequately explain their rejection of Greyscale's application for a Bitcoin Spot ETF.
It appears that trader sentiment surrounding the Bitcoin SV hardfork is still on the fence, with smart money awaiting better confirmation of technical recovery before making an entry.
Amid the downside slide, Bitcoin SV is trading at a current market price of $30.50 (representing a 24-hour change of -0.42%).
This comes in the aftermath of a -12% retracement move, which was triggered by a failure to flip the 20DMA to support on August 31.
Downside action has dominated Bitcoin SV price action since July 1, which saw BSV shoot-up to hit a local high at $52.56.
The -45% decline since has been dramatic, with both a golden cross (July 7) and a death cross (July 30) appearing on the chart.
With the 20DMA sat descendant under the 200DMA, it seems likely that downside movements could continue.
However, an attempted consolidation above $30.50 could provide footing for another test of resistance at the 20DMA.
Indicators provide some relief, with BSV's RSI sat at a low oversold signal at 42.26, while the MACD retains minor bullish divergence at 0.13.
With indicators sounding a bullish signal, if the 20DMA flips to support then BSV has an upside target at the 200DMA around $35.50 (a potential +16.4%).
But, if downside slide continues then a visit to $25 is likely on
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