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- Bitcoin SV Price is currently consolidating in between $50 and $42. There was a spike in volatility in BSV in the past few days.
- Technical indicators suggest a consolidated trend in price. Meanwhile, BSV/BTC pair has seen a drop of 0.03% in the intraday session
The recent debacle of FTX and the sudden crash of BTC price has made heads turn towards the Dr. Craig Wright. Meanwhile BSV has been suffering due to attacks on it since 2019. Bitcoin SV is only listed on a few exchanges compared to others.Many analysts believe that BSV has more capabilities than Bitcoin itself. Bitcoin SV has emerged as a hard fork of Bitcoin Cash in 2018. BSV aims to give scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system.
Bitcoin SV has a market cap of 882 Million with a circulating supply of 19 million. The volume of the BSV has seen a decline of 16% in the intraday session. Volume to market cap ratio of the BSV hints towards a downside momentum in price.
Technical Indicators Are Favoring An Upside Trend
The weekly technical chart of BSV suggests a downside trend in price. On coming to the daily chart the asset price is trading near the value of $43 with a gain of 0.17% in the intraday session. Resistance of Bitcoin SV can be seen near the value of $55. Meanwhile, one can expect a strong bounceback near $30. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the price to a new low.
RSI: RSI of the Bitcoin sv is near 52 suggesting its presence in the neutral zone. There is a negative slope formed which suggests a bearish momentum.
Conclusion
The collapse of FTX and the crash in Bitcoin price has increased the popularity of BSV and Craig white. Bitcoin SV is currently in a consolidated trend and can see a strong increase in near future.
Technical Levels
Major Support:$30
Major Resistance: $55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
