Bitcoin SV Price Analysis: BSV Rally Could Extend Above $125

After Craig Wright’s drama, there was a strong rally in bitcoin SV price above $80.00 and $100.00. BSV to USD even traded towards the $135.00 level and it is currently consolidating gains for the next wave.

Key Takeaways: BSV/USD

• Bitcoin SV price surged above $100.00 and doubled in value against the US Dollar.
• BSV/USD is currently trading inside a contracting triangle with support near $98.00 on the 2-hours chart (data feed from Bitfinex).
• Bitcoin price is down around 1% to $7,800 and ripple price is struggling below the $0.4000 barrier.

Bitcoin SV Price Analysis

Recently, Craig Wright filed registrations with the U.S. Copyright Office to claim authorship over the original bitcoin code and the Satoshi white paper. It sparked a sharp upward move in bitcoin SV price from the $60.00 support area.

Looking at the 2-hours chart, bitcoin SV climbed higher significantly and broke many resistances such as $80.00, $85.00 and even $100.00. There was a close above the $100.00 level and the 50 simple moving average (2-hours, purple).

BSV price rallied above the $125.00 level and traded as high as $134.82. Recently, it started a downside correction and traded below the $120.00 level and the 23.6% Fib retracement level of the recent rally from $61.64 to $134.82.

However, the $100.00 level along with the 50% Fib retracement level of the recent rally from $61.64 to $134.82 are currently acting as a support. Moreover, the price is trading inside a contracting triangle with support near $98.00 on the same chart.

If there is a downside break below the $100.00 and $98.00 levels, the price could extend the correction towards the $88.00 level or the 61.8% Fib retracement level of the recent rally from $61.64 to $134.82.

On the other hand, bitcoin SV could start a fresh increase above the $105.00 and $110.00 levels. However, a successful close above the $120.00 level is needed for a strong rally in BSV in the near term.

The next key resistance is near the $135.00 level, above which bitcoin SV might climb towards the $150.00 barrier. On the downside, the main supports are near $98.00, $88.00 and $82.00.