Bitcoin SV Price Forecast: BSV hits three-month high, eyeing 200-day EMA breakout

• Bitcoin SV extends gains on Friday, testing the bullish breakout of the 200-day EMA at $15.39.
• Retail strength holds firm with BSV futures Open Interest rising 5% in 24 hours amid positive funding rates.
• The technical outlook for BSV is bullish as upside momentum builds.

Bitcoin SV (BSV) is up nearly 2% on Friday, extending a steady upward trend over the last two weeks. Retail strength builds in BSV amid multiple vulnerabilities found in the Bitcoin ecosystem. Bitcoin SV’s technical outlook is bullish as the price tests an upside breakout above the 200-day Exponential Moving Average (EMA) at $15.39.

Is Bitcoin SV regaining its retail strength?

Bitcoin SV shows mild strength in near-term retail demand following the recent vulnerabilities found in the Bitcoin ecosystem, including the Coldcard wallet hack and roughly 8,000 issues found by Bitcoin Red Team, a volunteer group of developers, using the Kimi K3 AI model. 

Buzz around the PiWalletSV, an air-gapped wallet for the Bitcoin SV ecosystem, adds to the retail strength. CoinGlass data shows the BSV futures Open Interest (OI) is at $38.54 million, up from $31.87 million on August 1, indicating a surge in positional buildup. At the same time, the funding rate holds stable at 0.0051%, reflecting a steady demand for long positions.

Technical outlook: Will BSV price clear the 200-day EMA barrier?

Bitcoin SV trades at around $15.35 on Friday, holding a bullish near-term bias as price extends above the 50-day EMA at $13.57 while still capped just beneath the 200-day EMA at $15.39. From a technical perspective, the rebound in BSV from the $10.69 support level on June 25 suggests a possible trend reversal.

For a sustained recovery, BSV must clear the 200-day EMA at $15.39, followed by the $17.06 resistance marked by the December 28 low, which capped gains multiple times earlier this year.

The Moving Average Convergence Divergence (MACD) and its signal line rise into positive territory on the daily chart, hinting at positive momentum. At the same time, the Relative Strength Index (RSI) at 73 signals overbought conditions that could slow further upside movement.

On the downside, initial support is seen at the 50-day EMA at $13.57, where a pullback would still leave the broader recovery structure intact. However, a bearish breakout could threaten the $10.69 support level.

(The technical analysis of this story was written with the help of an AI tool. Know more.)