Bitcoin SV (BSV) price failed to break above $50 hurdle; what’s next?

Bitcoin SV BSV is a cryptocurrency that claims to follow the original vision of Bitcoin. Due to the significant drop in the price of BTC, the price of BSV also dropped. It fell again from the $50 mark and showed a pullback this week.

The cryptocurrency market has been in a bearish movement over the past 24 hours, with most cryptocurrencies affected. On the other hand, BSV saw minor dips and remained around the crucial support of $40.

BSV price at press time

The short-term trend was undoubtedly bearish and the coin was trading under a bearish influence. It has fallen below the key moving averages and has corrected by more than 55% in the last three months.

It exhibited a downtrend and continued to face selling pressure from the highs, indicating bearish sentiment.

Recently, the Bitcoin SV Price It found support around its $30 demand zone and formed a pincer bottom. It then started a recovery and rose more than 40% in the past two weeks.

Meanwhile, the recovery was a kind of bullish smoke and sellers pushed hard from the $50 mark. From there, the Bitcoin SV price changed course and faced a rejection.

On a positive note, after a long delay, BSV price crossed the descending trend line and started trading above it. Until the $30 mark is breached, a recovery can be seen in the future.

Bitcoin SV Lost Traction: Price Action Outlook

Last month was a blessing for BSV holders as it soared over 40% from its lowest point. It gained fresh bullish momentum. The last three trading sessions of this month were a curse as BSV faced rejection and came back from the $50 mark.

Over the past two weeks, BSV has seen a significant rally. However, the short-term bearish sentiment remains intact. It lost steam and dipped below the 20-day EMA mark, raising fears of an upcoming sell-off.

The RSI curve broke out of the overbought zone, implying profit-taking after a significant bounce. Similarly, the MACD indicator conveyed that bulls seemed exhausted and sellers gained strength.

Wick (@ZeroHedge_), in his tweet, said that BSV had bottomed and accumulation had begun.

According to Fibonacci levels, it reversed from the demand zone near $30, faced the 38.2% hurdle and got stuck between the levels. The $50 level on the upside or the $30 level on the downside must be overcome for a clear directional move to occur.

The cryptocurrency was trading at $43.78 with an intraday drop of 6.46%. It ranked 84th with a market cap of $839.40 million.

Evaluating data on development activities and open interest

Development activity was observed to have a significant uptick, referring to the contribution of developers to blockchain projects.

The positive value implies that the coin has significant potential to outperform in the coming sessions.

Futures open interest (OI) data indicated a drop of over 9.54% to $22.41 million, indicating prolonged and slowing activity over the past 24 hours.

Summary of long and short position liquidation data

At press time, short position liquidations stood at $31,200, while long position liquidations stood at $138,900. This indicates that short traders gained ground and started to outnumber bulls.

Settlement data | Source: Coinglass

If the powerful bulls manage to sustain gains above the $40 mark, BSV will continue to add to the gains ahead. It may head towards the $50 mark and then towards the $56 mark.

On the contrary, if the bearish sentiment persists, it could slide towards the bearish region with an immediate support zone of $35. It could then drop to the support of $32 in the near term.

Until the VBS The cryptocurrency price is breaking above the $50 mark, but a new buying impulse could not be seen. The BSV price may remain within a range. Above the $50 mark, a new era of reversal can be anticipated.