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Bitcoin SV [BSV] Price Analysis: Market correction forces bait bears as token anticipates decline

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Bitcoin SV [BSV] Price Analysis: Market Correction forces bait Bears token looks to decline
Source: Pixabay

Following the collective market rise on 16 March, the bulls resisted market correction forces, and the $140 billion market cap held firm. Bitcoin SV [BSV] looked fairly stable as the coin was trading green, and rode the collective bullish wave.

BSV gained against the US dollar by 1 percent, with the coin trading at $68.37, at press time. The coin’s market cap stood at $1.2 billion, behind Cardano [ADA] by $120 million.

BitForex took the top spot in BSV global trading volume, accounting for 11.43 percent of the total volume via the trading pair BSV/USDT. Other BSV-dominating exchanges were, HitBTC, IDCM, and Huobi Global.

1-hour

Source: Trading View

The one-hour chart for Bitcoin SV indicated a downtrend, following a brief rise on 18 March. Bitcoin SV saw a downtrend from $71.83 to $68.98, following the collective market rise two days prior.

Bitcoin SV found immediate resistance at $71.86 during the bullish swing, which has shifted down to $70.62. The immediate support level recorded was $68.35.

The Bollinger Bands pointed to a slight decrease in volatility as the coin’s price dipped, while the Moving Average line switched from the bulls to the bears.

The Chaikin Money Flow tool indicated a drop in the money inflow into BSV tokens, as the CMF slumped below 0.

The Awesome Oscillator showed a minor increase in short term momentum, with slow bearish signs in the offing as the concluding bars were red and small.

1-day

Source: Trading View

The one-day chart showed a price decrease for the first time in over three days, as the market turned. Bitcoin SV saw a larger downtrend since the close of February from $75.71 to $67.15. The uptrend was minor in comparison, pushing the price up from $67.01 to $71.85.

Bitcoin SV found immediate support at $65.64, with the immediate resistance level at $70.18.

The Parabolic SAR pointed to a bearish swing in the BSV market as the dotted lines were below the coin’s trend line.

The MACD indicated a bullish wave, as the MACD Line had overtaken the Signal Line.

The Relative Strength Index pointed to an initial increase in investor interest from 46.61 to 55.39, following which it dropped to 51.55, at press time.



Conclusion:

The Bitcoin SV price was buoyed as the top cryptocurrency Bitcoin [BTC] pushed above the $4,000 mark. The short-term indicators pointed to an upcoming downtrend, with a decline in money inflow. In the long-term, investor interest had declined, but the MACD still pointed to a bullish swing.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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