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