Bitcoin SV [BSV] Price Analysis: Early week high subsides; pushes token to biggest loser in top-15

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After dropping briefly to a low of $127.41 billion at the close of trading day on February 27, the market cap is back up to $130 billion, mirroring the market cap 24-hours hence. Bitcoin SV [BSV] pumped up earlier this week following a support announcement from CoinGate, since then the coin has been correcting downwards.

At press time, Bitcoin SV is the biggest loser in the top-15 coins, with a 4.65 percent decline against the US dollar. The coin is currently trading at $68.51 with a market cap of $1.21 billion, trailing Binance Coin by just over $200 million.

In terms of exchange dominance, Bit-Z holds the most BSV trade volume, accounting for $14.52 million, or 12.81 percent, in the trading pair, BCHSV/BTC. Followed by IDCM, holding $9.57 million or 8.47 percent and $9.38 million or 8.28 percent in the trading pairs, BCHSV/BTC, and BCHSV/USDT, respectively.

1-hour:

Source: Trading View

After two successive uptrends, Bitcoin SV is going through a mild price decline from $76.81 to $70.53, following the price uptick from $69.05 to $74.16.

Bitcoin SV finds immediate support, recorded during to the market correction, at $67.24. The coin poses an immediate resistance as recorded by its rise and rapid fall, at $76.71.

The Bollinger Bands points to a mild increase in volatility of the coin, with the Moving Average line indicating a bearish market for the coin in the short term.

The Chaikin Money Flow tool shows that the amount of money inflow into BSV has decreased as the CMF line has slipped below 0.

The Awesome Oscillator shows that the coin’s short-term momentum is less than its long-term momentum, however, since the concluding bars are green, bullish tendencies are likely.

1-day:

Source: Trading View

The coin has been declining since the close of December, with a severe drop noticed in late January, when the coin dropped down from $75.28 to $65.69. Following which the coin shot up from $69.03 to $75.22.

Bitcoin SV finds long-term resistance at $75.79, which the coin broke and fell below during the recent rise. The immediate support level of the coin stands at $61.64.

The Parabolic SAR shows bullish tendencies for the coin in the one-day chart, as the price has not shot down considerably.

The Relative Strength Index shows that the investor interest in the coin has been on the rise, surging from 39.02 to the current valuation of 50.71.

The MACD Line shows that the coin is looking to break into the bullish zone, following an almost two-month stint with the bears.

Conclusion:

Bitcoin SV has been brought down from the bullish high it saw earlier this week, which pushed the coin above Cardano and about $50 million from Binance Coin. The market correction bears have brought the prices down, leading to an increase in volatility. However, the Awesome Oscillator points to bullish activity, which indicates that the bears’ visit might be short-stayed. In the long-term, investor interest is on an incline while the MACD looks to break into the bullish zone as the Bitcoin SV market looks to finally resurge.


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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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