Is Bitcoin SV Going to Zero? BSV Price Sinks 5% as Attention Switches to This Other Bitcoin Project
Leading Bitcoin hard-fork project Bitcoin SV (BSV) has sunk -5% amid a shift in attention for Bitcoin alternatives towards an emerging Bitcoin cloud mining presale.
The tumble in price action comes as Bitcoin SV enters retracement from an impressive +74% ‘Uptober’ rally triggered on October 16.
Top Losers by Coinmarketcap:
1. MultiversX $EGLD $44.25 (- 8.40%)
2. Immutable $IMX $0.892 (- 5.56%)
3. Solana $SOL $39.92 (-3.61%)
4. Bitcoin SV $BSV $48.78 (-3.52%)
5. Mina $MINA $0.5866 (-3.03%)#MultiversXtech #Immutable #Solana #Bitcoin #cryptocurrencies pic.twitter.com/68tbDvi2lC
— Hittboy (@hitt_boyy) November 6, 2023
BSV’s retracement move has seen the token rank amid the top losers by market cap over the past 24-hours.
As price action slides below moving average support, BSV is currently trading at $48.84 (representing a 24-hour change of -1.71%).
Much of the recent rally has been supported by an ascendant 20DMA, which saw a golden cross with the 200DMA on October 4.
However, in a tumultuous twist the -5% drop over the weekend has seen BSV fall below this critical 20DMA support, opening the door to serious downside risk.
Lower supports for Bitcoin SV can be found at $43.50 and the range between $39 and $40.
Meanwhile, the 200DMA can be found -27% beneath current price action, currently sat low in the trading channel at $35.44.
Despite the loss of 20DMA support, BSV price action remains at a consolidation level – which has been established above $47.50 over the last 7-days.
This is significant, as consolidation here has enabled a cool-down on the RSI, from a severe overbought signal to a calmer 57.44, suggesting upside could resume soon.
Yet, this is contrasted by an increasingly bearish MACD, which now suggests a downside move is on its
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