- Bitcoin SV price has remained in a consolidation phase recently.
- The coin’s volume and open interest have been under pressure.
- There has been a rotation from crypto to stocks.
Bitcoin SV price drifted upwards on Monday in an extremely low volume environment. The BSV coin rose to a high of $40.07, the highest level since July 14th. At its peak on Monday, the coin was up by more than 18% from the lowest level this month.
No new Bitcoin SV news
Bitcoin SV is one of the top Bitcoin forks. Its goal is to use the original Bitcoin’s software to deliver more utility to the network. Established by Craig Wright, Bitcoin SV is faster, scalable, efficient, and climate-friendly. Unlike Bitcoin, BSV can handle over 50k transactions per second.
Bitcoin SV, like other cryptocurrencies, has had a muted performance this month despite important news in the industry. First, there was the successful outcome of the Ripple vs SEC case in the United States. The case was followed closely by all players in the crypto industry.
Another important crypto-related news was related to the macro environment. Data published during the month revealed that the America’s inflation was moving in a downward trend. The headline consumer price index (CPI) dropped to 3.0% while the personal consumer expenditure (PCE) figure dropped to 3.1%.
Read more: How to buy Bitcoin SV.
BTC, BSV, and other cryptocurrency prices likely wavered because of the rotation from crypto to equities. For one, most stocks continued their rally in July, with the key indices like the Dow Jones and the Nasdaq 100 index soaring to multi-month highs.
Looking at Bitcoin SV’s metrics shows that the network has been a bit muted. Volume in centralized and decentralized exchanges has dried down. Similarly, open interest in the futures market has been falling and it currently stands at $11.6 million. Open interest is a good indicator of the state of demand.
Bitcoin SV price prediction
The 4H chart shows that the BSV crypto price has been in an uptrend in the past few days. Despite this recovery, the coin remains between the support and resistance levels at $34.33 and $40.93. It has moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, the Bitcoin SV price will likely remain in this range this week. A bullish breakout will be confirmed if the coin moves above the key resistance level at $40.93. If this happens, the next level to watch will be at $42.
