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- 1 BSV Crypto has been witnessing a sell-off in the last one week.
- 2 Bitcoin SV crypto’s volume has advanced in the last 24 hours.
Bitcoin SV is a digital cryptocurrency launched in the year 2018. The BSV blockchain follows SHA_256 hashing algorithms and works on the POW consensus mechanism. It was created by nChain which is a blockchain research and development company founded by Craig Wright. BSV crypto is supported by the Bitcoin Association. It is generally used as a digital currency for peer-to-peer transfers and transactions.
The BSV crypto has faced a substantial long liquidation of $94.75K against a short liquidation of $420.60. It is a bearish sign for the coin. Following the liquidation of coins, the volume has advanced by 15.16% in the last 24 hours. The market cap has declined by 7.09%, resulting in a 7.09% price decline.
The BSV coin’s current circulating supply is 19.26M which is 91.74% of the total supply of the crypto. The fully diluted market cap of the coin is $707.625M. The BSV crypto hit an all-time high of $489.75 on April 16, 2021, and the coin is currently trading 93.09% below its all-time high price. Following the decline in the price the coin hit a low of $21.43 on June 10, 2023.
BSV Crypto Price Technical Analysis
Bitcoin SV price is trading in a downtrend and the coin’s price has been unable to break above the high made on 01st July 2023 following a level of $56.00. After declining by 38% from the last swing high, the crypto made a lower high of $40.61278. The coin’s price doubled at the same following level resulting in equal highs. BSV coin’s price is again declining to lower levels following bearish price action.
By looking at the daily chart of the BSVUSD we can clearly see that the crypto is trading in a downtrend. The 50-day and the 200-day EMAs are following a death cross.
The RSI for the BSV crypto is mildly bearish trading below the 50-level. The value of the RSI has also declined below the 14-day SMA. If the RSI continues to sustain below the 50 level, the bearishness in the BSV crypto will continue. This will lead the coin’s price to lower levels.
BSV Liquidation Analysis
BSV coin has consistently witnessed a huge long liquidation in the last few days. This has led to a consistent decline in the coin’s price. This behavior of the crypto has resulted in a long/short liquidation of 0.857. The derivative volume for the crypto has also advanced by 20.36% while the open interest has declined by -12.83% in the last 24 hours.
Conclusion
The BSV crypto has witnessed a huge long liquidation in the last 24 hours and the long/short ratio is also below 1. The BSV crypto has also shown an advance in volume, this represents the traders’ activity in the coin. Based on the charts, the BSV crypto is following a bearish market structure. Technical indicators like the EMA and the RSI are indicating a bearish signal.
Therefore, the coin’s price can continue to decline to lower levels but if the BSV coin breaks above the level of $40.50, the coin’s price will lead to the change of character to bullish. This behavior can further take the BSV crypto to higher levels.
Technical Levels
- Support levels- $18.40 and $26.50
- Resistance levels- $43.20 and $56.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
