Bitcoin SV (BSV) News

Bitcoin SV (BSV) Lacks Support and Momentum to Rise Above $225

Bitcoin SV is the fastest growing and preferred blockchain network and is distinct from BTC and BCH. BSV is considered to be the real asset in terms of the trading fees when compared with other cryptos that stand at par with BSV. It is majorly preferred and believed to be withholding the power of Bitcoin blockchain as it is forked from Bitcoin Cash, which was forked from Bitcoin.

Bitcoin SV’s trading fees when compared to that of Bitcoin and Ethereum is believed to be the lowest and can be affordable to investors who plan to splurge in crypto investing with nominal capital.

Moreover, the price movement of Bitcoin SV is different from that of Bitcoin while it is slightly concurrent with Bitcoin Cash. Moreover, BSV/USD is already fetching profits if we compare the Year-To-Date movement of the coin.

Bitcoin SV Price Analysis

Bitcoin SV News
BSC/USD Chart By TradingView

On the 24-hourly chart, Bitcoin SV appears flat yet bearish as it fails to retain the momentum in the intraday against the US Dollar. Moreover, BSV has dipped from trading above $200 at $210 at the onset of the month to currently trading around $155. At this point, Bitcoin SV is retaining no support from the daily MAs, and due to intraday setbacks, the price trend of BSV/USD is already hitting the lower 20-day Bollinger Band.

Over the past 15 weeks, BSV price is failing to rise above $225 price area, which is around 38.20% Fib Retracement level. Having said that, we also know that Bitcoin and Bitcoin Cash have been on the radar of bearish enclosures, and therefore, BSV and BCH are not one of those altcoins that have breached stringent resistances in this Bull phase.

Over the past 4-month, Bitcoin SV has failed to rise above 38.20% Fib Retracement level, and lack of momentum has led to a flat price trend with no steep rises of fall. The 20-day Bollinger Bands laid are seen moderately squeezing, and the price trend is already hitting the lower band with marking a bearish closure to the month.

The other technicals laid are confirming the bearish divergence and flat momentum due to lack of traction. The MACD chart shows bearish crossover due to intraday corrections, and similarly, the RSI of the coin is lying at 33.91, which is inclined towards 30, due to aggravated selling pressure.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close