Bitcoin SV price analysis: BSV beat the market in May and continued growth in June
|- Bitcoin SV has become the best performing cryptocurrency in May with 245% of gains.
- The upside may be limited due to the highly overbought state on weekly charts.
Bitcoin SV (stands for Satoshi's Vision) turned out to be one of the best performing cryptocurrencies in May. Now the 8th largest digital asset with the current market capitalization of $3.9 billion has gained over 245% in a single month and continued moving higher in the first days of June. At the time of writing, BSV/USD is changing hands at $225, off the recent high touched at $254.
Bitcoin SV has gained nearly 20% in recent 24 hours and over 100% in recent seven days, driven by huge buying interest and FOMO phenomenon.
Looking technically, the initial support is created by the psychological $200.00. This support is closely followed by 1-hour SMA100 (Simple Moving Average) at $195 and SMA50 at $192.50. A sustainable move below this handle will open up the way towards the next bearish aim of $158 (SMA200, 1-hour).
On the upside, we will need to see a sustainable recovery towards the recent high of $254. Once it is cleared, the upside is likely to gain traction with the next focus on $300. Basically, here we will enter an uncharted territory, as BSV has never been trading higher than $254.13 - it's the coin's all-time high.
Notably, the daily Relative Strength Index (RSI) has moved out of an overbought territory and settled in a neutral zone, while the weekly RSI is still deeply overbought, which means that the coin is vulnerable to the downside correction.
BSV/USD, 1-day chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.