- Bitcoin Cash price has room for growth towards $400 provided the bulls defend the support at $300.
- The bulls have remained largely in control in spite of the retracement from highs at $458.
Bitcoin SV is once again leading the cryptocurrency market in recovery. It’s massive 11% surge has also dwarfed Bitcoin Cash’s 3.38%. BSV is still maintaining the fourth spot by market capitalization. Data on CoinMarketCap shows the market cap standing at $3.30 billion and has a 24-hour trading volume of $5.52 billion.
The daily chart, clearly shows the return of the bulls. From lows below $250, Bitcoin SV s exchanging hands above $300. Despite the recovery, the market value significantly falls short of January’s peak at $458.
From a technical perspective, BSV is likely to settle in a sideways range around $300. This is because the Relative Strength Index (RSI) is position just below the overbought region. The sideways motion signals that the path of least resistance is sideways.
On the other hand, the position of the 50-day SMA above the 200 day SMA means that the bulls are largely in control. The Moving Average Convergence Divergence (MACD) is sitting comfortably within the positive territory. The visible bullish cross is evidence of the bulls having more influence. It is essential that the bulls keep the price above $300, which will help them gather energy towards $400.
BTC/USD daily chart
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