Bitcoin SV [BSV] closed last week out of the top 10, being ousted by long-term rival Binance Coin [BNB] as the market rose by $9 billion to send major coins into a frenzy. The now eleventh-largest cryptocurrency is still reducing while competing coins like BNB and Cardano [ADA] are on the rise.
The coin has declined by 1.23 percent against the US dollar and is now selling for $65.75, while the coin’s market cap stands at $1.15 billion, $169 million ahead of Cardano.
In terms of exchange dominance, BW took the top spot with $24.08 million or 28.45 percent of BSV trading volume in the BSV/USDT trading pair. Following up is IDCM and Bit-Z with 6.19 percent and 6.1 percent via the trading pairs BCHSV/USDT and BCHSV/BTC.
Bitcoin SV was pushed significantly high during a brief boom last week, but has managed to sustain it and push the prices up this week too. The uptrend stretched from $59.01 to $69.53 and was then pegged down from $69.32 to $63.04.
The coin’s immediate support level stands at $64.5, which the coin touched mid-week and is now trading below, while the coin’s immediate resistance stands at $67.57. The aforementioned levels are quite close indicating stable movement for the coin at $58.14.
The Parabolic SAR points to a bullish swing for the coin as the dotted lines are aligned below the coin’s trend line.
The MACD line shows that the coin broke into a bearish zone on 8 February. However, recent movement has been bullish.
The Relative Strength Index shows that after the bullish high raised the RSI to 69.42, it has been on a slight decline. At press time RSI was at 56.71.
The coin has been riding a downtrend since mid-December, with no recovery in sight. The downtrend, as it stands, extends from $115.63 to $68.35. Prior to this downtrend, the coin enjoyed two short uptrends, the first from $58.35 to $108.36 and the next from $74.26 to $114.27.
Bitcoin SV finds immediate support at $61.98, which the coin has breached since last week’s mild decline. The immediate resistance level of the coin stands at $67.70, which the coin fell below at the end of January.
The Bollinger Bands point to steady volatility since the beginning of January, as the prices have looked downwards, while the Moving Average line indicates that the coin is trading in a bearish zone, but is likely to make the switch to the bulls.
The Awesome Oscillator still pegs the eleventh-largest cryptocurrency trading below 0. However, the lines are green, indicating that bullish momentum is to take over soon.
The Fisher Transform line show that the coin has made a switch from the bears to the bulls as the Fisher Line has overtaken the Trigger Line on February 5.
The coin has been buoyed by the bullish swing of last week and has managed to sustain the high prices, rising above the immediate support level and close to breaking resistance. The short-term Bitcoin SV trend line indicates stable movement at a higher price-bracket, which shows hopeful signs. In the long-term, the coin looks to edge upwards following constant movement, as major indicators show bullish movement.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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