Bitcoin SV price breaks out on a weekly chart

Bitcoin SV price breaks out on a weekly chart
Written by:
Michael Harris
8th July, 19:27
  • Simplex, the leading provider of payment-processing solutions, to start providing support for Bitcoin SV
  • Bitcoin SV price erupted over 20% on Monday to set a new 1-month high near $200
  • The buyers are now fighting to close above $187 and potentially target $202 next
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Bitcoin SV (BSV) price erupted higher on Monday to set a new 1-month high near the $200 mark. Separately, Simplex announced that it will provide support for Bitcoin SV.

Fundamental analysis: Simplex initiates support for BSV

Simplex, the leading provider of payment processing solutions, said it will start providing support for Bitcoin SV. Simplex is the largest provider of global credit and debit card processing for more than 150 crypto exchanges, wallets and gateways. Getting support from Simplex will provide BSV with significant exposure and a new user base. 

Apart from Bitcoin SV, Simples already has some notable partners such as BiKi, Bitfinex, Bithumb, Bitmart, BitMax, CoinEx, Cross exchange, DigiFinex, Huobi and so on.

The demand for Bitcoin SV keeps increasing together with its growing ecosystem. In addition to BSV’s ability to operate as a fast and efficient payment system and its outstanding scaling potential, this cryptocurrency also offers other unique benefits such as its ability to facilitate different data usage, while keeping transaction times and fees low. 

“Simplex’s addition of Bitcoin SV support signifies yet another milestone on the journey towards wide-spread global adoption of BSV. Through Simplex and its extensive partner network, it just became much easier for consumers in numerous geographic territories to acquire BSV by simply using a payment card,”  Jimmy Nguyen, Founding President of Bitcoin Association, said.

Technical analysis: Bitcoin SV skyrockets, reason unknown 

Bitcoin SV erupted over 20% on Monday to print the highest levels since the first week of June. Even two days after the rally took place, the reason that prompted the rally is yet unknown. 

Bitcoin SV daily chart (TradingView)

Unlike Bitcoin, Bitcoin SV trades in thin liquidity. Hence, bigger moves are much more likely to take place. This is especially the case with the low-rated exchanges that are quite unregulated. 

The buyers are now fighting to close above the 100-DMA near $187. A close above this technical indicator will create a base for Bitcoin SV to push higher towards the 200-DMA, which trades above $200. The price action could eventually move lower to retest the broken trend line to allow new buyers of Bitcoin SV to join. 

Summary

Bitcoin SV price erupted higher on Monday to trade near the $200 mark. There’s no clear reason why BSV pushed higher on Monday but the buyers have still managed to secure a high close. The next target on the upside is the 200-DMA at $202.

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