The price of Bitcoin SV (BSV), a major cryptocurrency in the market, has been experiencing a dramatic increase of 9.62% over the course of the past few weeks. However, the market sentiment has been significantly influenced by bearish sentiment. Most of the social media investors have been reporting a downturn in their interest in Bitcoin SV tokens and the Total Social Engagement metrics have experienced a 828% increase within last few weeks.

The BSV price has been dealing with a downward spiral for the past 12 months and it continues to dominate the market just below all of its major, key Exponential Moving Average (EMA) levels -20, -50, -100 and -200. BSV made a strong attempt in cutting through its consolidation phase, causing a bullish candle to manifest, but it was ultimately unsuccessful after being rejected from its 200 EMA level.

Right now, Relative Strength Index (RSI) for BSV is currently consolidating at 51.86 points near the mid-line, and with 14 Simple Moving Average (SMA) in a supportive role at 43.79 points. RSI has reversed from the oversold level and, if it continues its fall to below 14 SMA, it could result in the price dropping further. Additionally, the Stochastic RSI is giving a bullish crossover near the middle-line, with both %K and %D lines expected to cross soon.

From a technical perspective, the BSV price is operating in dense consolidation, with the majority of indicators seemingly favoring the bear's camp. The price has been volatile in the recent period with extended candle wicks and sudden movements. Breaking out and past its recent resistance levels might be difficult for the bulls. All in all, this is an uncertain period. Buyers and sellers should be cautious while taking investment decisions.



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