After Bitcoin fell below the $60,000-mark last week, many expected the king coin to consolidate under the same before noting yet another rally on the charts. However, that didn’t happen. Instead, BTC corrected again, dropping below the $50,000-level at press time after it fell by over 8% in just 12 hours. The said movement had a corresponding effect on alts such as Bitcoin Cash, Bitcoin SV, and Binance Coin.
Bitcoin Cash [BCH]
On the back of BTC’s price depreciation, Bitcoin Cash fell on the charts too, with the cryptocurrency trading just above its early April price levels at press time. In fact, the fork coin fell by over 17% in less than 24 hours. With the altcoin now well away from its local top, a near-term uptrend seemed unlikely, especially in light of the wider market’s bearishness.
The scale of the corrections in the BCH market was highlighted by the crypto’s technical indicators as the Parabolic SAR’s dotted markers were positioned above the price candles, while Relative Strength Index was dipping towards the oversold zone – A sign of the market’s sellers gaining strength.
A previous analysis had predicted that BCH’s near-term price fortunes would depend on whether it will be able to breach its resistance level. While the crypto was able to do so, it wasn’t able to sustain the said breach thanks to Bitcoin’s market movement. As expected, BCH dropped below the $800-level.
Bitcoin SV [BSV]
The last 36 hours saw Bitcoin SV lose almost 29% of its value, with the latest corrections fueled by Bitcoin further extending its losses on the charts. With BSV mimicking the king coin’s price action for a long time now, it is unlikely that a trend reversal would take place independently of Bitcoin. Doing so would require a sharper uptick in trade volumes, something the altcoin has struggled with lately.
The bearishness in the Bitcoin SV market was evidenced by the findings of its indicators. MACD line was diverging away from the Signal line, while Awesome Oscillator’s histogram flashed bearish signals despite an uptick in recent market momentum.
It is expected that the ongoing bearish phase is temporary. Ergo, the cryptocurrency market, and by extension, Bitcoin SV, can be expected to recover soon. This may be one of the reasons why some have argued that this could be a good time to book profits in BSV.
Binance Coin [BNB]
Binance Coin has been one of 2021’s best performers, with the crypto ranked 3rd on CoinMarketCap’s charts. As the world’s biggest exchange token, BNB has noted extraordinary growth this year, with the same recording YTD returns of $1,364%, at press time. Like most alts, BNB too was affected by the Bitcoin-led market corrections. However, in the larger scheme of things, the alt was still coping better.
Binance Coin fell by almost 13% in the last 12 hours alone, with the crypto observed to be trading around the $500-level.
The altcoin’s indicators were ambivalent, despite how much value it lost over the last few trading sessions. While the mouth of the Bollinger Bands was holding steady to indicate a degree of price volatility, Chaikin Money Flow was heading north to highlight the strength of capital inflows.
Despite recent market corrections, BNB can be predicted to reignite its rally once again, especially since the alt is holding firm above the $400-level.