- Bitcoin SV appears to be consolidating above $200.
- The first resistance is seen at $240 with $260 being the next target for the bulls.
Bitcoin SV just experienced an extreme flash drop from highs around $240 to as low as $45 in a matter of seconds. A recovery occurred immediately as the market stabilized. Currently, the crypto is trading at $221 amid a building bullish trend.
Rumors suggest that the massive plunge is linked to a transaction where someone dumped $25,000 worth of BSV on Bitfinex exchange. The matter was shared on Twitter by a user going by the name Alistair Milne.
Following the recovery from the dip, Bitcoin SV appears to be consolidating above $200. The building bullish trend is supported by the 21 Simple Moving Average 1-hour. The plunge did not affect the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) with RSI trending sideways at62.77 and the latter sitting in the positive region precisely at +20.59.
The first resistance is seen at $240 with $260 being the next target. Bitcoin SV correction past $260 will bring $300 insight as bulls cement their dominance in the market. Apart from $220, other support levels are $200, $180 and $120.
BSV/USD 1-hour chart
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