In a remarkable turn of events, the cryptocurrency market rose to its highest point since the close of November and then rapidly declined by over $15 billion in market cap. This roller-coaster movement sparked an increase in volatility and most major coins soon traded in a sea of red. Bitcoin SV [BSV] is one of the many coins that saw a double-digit decline as it tried to re-enter the top-10 list.
Bitcoin SV declined against the US dollar by 10.54 percent and is trading at $62.01, with a market cap of $1.093 billion. It is trailing Cardano [ADA] by a little over $25 million.
In terms of exchange volume, BitForex took the top-two spots in BSV trade volume; the first on the trading pair BSV/USDT, with $16.13 million in volume, and the second on the trading pair BSV/BTC, accounting for $14.36 million or 11.35 percent of the total BSV trade volume. The third spot was taken by Bit-Z on the trading pair BCHSV/BTC, with $11.9 million or 9.23 percent of the BSV trade volume.
The one-hour Bitcoin SV chart showed two significant trends in opposite directions and in short intervals, reflecting the overarching market trend. The uptrend shot the price up from $66.47 to $70.55, following which the larger downtrend shaved the price from $68.73 to $62.60.
Bitcoin SV now poses an immediate resistance level at $70.96, which the coin touched and shot below over the weekend. The immediate support level of the coin stands at $61.54.
The Bollinger Bands show a massive increase in BSV’s price volatility as the coin rose and fell rapidly, while the Moving Average line points to a bearish trend.
The Chaikin Money Flow points to a massive decline in money inflow as the CMF line is below 0.
The Fisher Transform Line shows a bullish switch in the market as the Fisher Line has overtaken the Trigger Line after a bullish crossover.
The one-day Bitcoin SV charts showed a massive price drop from $114.45 to $71.35 in December 2018. There is no significant price fluctuation in the long-term, apart from the aforementioned downtrend.
Bitcoin SV poses an immediate resistance level at $70.59, which the coin last came close to on February 23. The coin’s immediate support level stands at $61.37, which the coin is very close to edging below.
The Parabolic SAR points to a bearish wave for the coin as the dotted lines are aligned above the coin’s candlesticks.
The Relative Strength Indicator shows a steep decline in investor interest off-late as the RSI has dipped from 53.51 to its current valuation of 41.62.
The Awesome Oscillator shows that the AO line is below 0. Furthermore, the concluding bars are green, indicating a bullish trend in the offing.
Given the stark change in the market, the bearish spree looks temporary, as reflected in the conflicting BSV market indicators. In the short term, the Chaikin Money Tool shows a decline in the inflow of money into BSV tokens while the Fisher Transform line shows a bullish trend.
From a long-term perspective, a bearish trend dominates the BSV market as the RSI indicator points to a decline in investor interest. If the market does recover, proponents of Satoshi’s Vision will hope that the coin can surge ahead of Cardano, as it trails the latter by just $25 million.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.