Bitcoin SV [BSV] struggled to keep its head above the $1 billion mark in terms of market cap, despite the overwhelmingly bullish run the markets enjoyed over the past few days.
At press time, the 12th largest cryptocurrency in the market recorded a market capitalization of $1.51 billion while the price of the coin stood at $65.31 with a 2.75 percent decline against the US dollar.
Bitcoin SV suffered a significant uptrend earlier this week when the price rose from $63.91 to $71.30. This was followed by a downtrend which saw the price drop from $67.266 to $65.45.
The Bollinger Bands are diverging, suggesting price volatility for the coming week. The Moving Average line indicates a mildly bearish trend, with an expected switch in behavior.
The Fisher Transform indicator points to a convergence between the Fisher and Trigger line in the immediate future while a prominent bearish trend looks set to continue.
The Chaikin Money Flow tool shows that cash in-flow is still very unlikely as the CMF line is below 0.
The one-day chart for Bitcoin SV indicates a downtrend since the coin hardforked in November 2018. The downtrend extends from $181.98 to $75.013. However, a bullish trend seems to have resurfaced since the week began.
The Parabolic SAR indicates a bearish market throughout the week as the dotted markers are below the candlesticks.
The MACD lines suggest a bull run as well as the blue line is trailing above the orange line.
The Relative Strength Indicator shows that investors are slowly coming into the Bitcoin SV market.
Bitcoin SV has been resilient in maintaining its market capitalization above the $1 billion mark, even when the market was overwhelmingly bearish. However, recent rallies in the cryptocurrency market and the long-term indicators suggest that a bull run may be in the offing.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.