Bitcoin SV [BSV] Price Analysis: Coin on minor bull run despite long-term recovery being in a limbo

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Bitcoin SV [BSV] continued its recent price hike after the coin grew by 2.64% against the US dollar on Saturday.

The market capitalization of the token was $1.19 billion and it valued at $67.68. The trade volume garnered over the past 24 hours was $114 million, with BitForex contributing to 12.83% of the coin’s overall trade volume.

1-hour

Source: TradingView

The coin experienced a significant downtrend from $70.57 to $67.84, but managed to recover some of its losses as an uptrend was seen from $67.40 to $68.76. The resistance was marked at $68.76 and the support was seen at $65.04.

The Parabolic SAR indicated a bullish trend as the dotted markers were aligned below the candlesticks.

The MACD line pointed suggested bullish price movement for the coin as the blue line remained above the red line.

The Chaikin Money Flow indicated a higher cash inflow into the market as the CMF line was above the zero-line.

1-day

Source: TradingView

On the long-term chart, the token experienced a major fall in price at the end of last year. The coin’s price stabilized since, with the price moving sideways between the resistance at $75.60 and support at $61.63.

The Bollinger Bands indicated stabilized price movement and low volatility for the coin as the bands were moving parallel to each other.

The Relative Strength Index indicated that the buying and selling pressures evened each other out.

The Fisher Transform pointed at a bearish run for the coin as the red line hovered above the blue line on the chart.

Conclusion

The short-term trend for the coin remained bullish as the prices consolidated in a bearish market. The long-term market chart highlighted the the coin’s slow recovery from bearish pressure.


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Biraajmaan Tamuly

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.

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