Bitcoin SV is a cryptocurrency that claims to follow the original vision of Bitcoin. Due to the significant decline in BTC price, BSV price also declined. It reverted from the $50 mark, displaying a retracement this week.
The crypto market has had a bearish movement within the last 24 hours, and most cryptocurrencies were affected. On the other hand, BSV had small declines and maintained its stand around the pivotal support of $40.
BSV Price at Press Time
Undoubtedly, the short-term trend was bearish, and the coin traded under a bearish influence. It has slipped below the key moving averages and corrected over 55% in the past three months.
It exhibited a downward trend and continued to face selling pressure from the highs, indicating a bearish sentiment.
Recently, the Bitcoin SV price took support around its demand region of $30 and made a tweezer bottom. Afterward, it initiated a recovery and surged over 40% in the last two weeks.
Meanwhile, the recovery was kind of bullish fumes, and sellers pushed hard from the $50 mark. From there, Bitcoin SV price changed the path and faced a rejection.
On a positive note, after a long delay, the BSV price crossed the declining trendline and began to trade above it. Until the downside of the $30 mark is breached, recovery can be seen ahead.
Bitcoin SV Lost Traction: Price Action Outlook
Last month was a blessing for the BSV holders, as it has soared more than 40% from its bottom. It gained fresh bullish momentum. This month’s last three trading sessions were a curse, as BSV faced a rejection and returned from the $50 mark.
In the past two weeks, BSV has seen a significant bounce back. However, the short-term bearish sentiment remains intact. It lost traction and dragged below the 20-day EMA mark, which guided a fear of the next selloff.
The RSI curve reverted from the overbought zone, implying a profit booking after a significant rebound. Similarly, the MACD indicator conveyed that the bulls looked exhausted and sellers gained strength.
Wick (@ZeroHedge_), in his tweet, said that BSV had made a bottom and started accumulation.
$BSV
BSV also seeing a pop after the Bitcoin conference up almost 20%.
You can see it was from a classic confirmed bottom within stage 1 basing. These are the easiest and best setups 💯 pic.twitter.com/sNi4EIKc5k
— Wick (@ZeroHedge_) July 29, 2024
Per the Fib levels, it reversed from the demand zone near $30, faced the 38.2% hurdle, and stuck between the levels. The upside of $50 or a downside of $30 must be breached for a clear directional move.
The cryptocurrency was trading at $43.78 with an intraday drop of 6.46%. It was ranked 84th with a market cap of $839.40 Million.
Development Activity and Open Interest Data Assessment
The development activity was noted to have a significant inclination, referring to the developers’ contribution to blockchain projects.
The positive value implied that the coin has a significant potential to outperform in the coming sessions.
Its futures Open Interest (OI) data conveyed a decline of over 9.54% to $22.41 Million. It signified a long, unwinding activity in the past 24 hours.
Long vs. Short Liquidation Data Overview
At press time, the short liquidations were at $31.20k, whereas the long liquidations were at $138.9k. That indicated short traders gained traction and began to outpace the bulls.
Liquidation Data | Source: Coinglass
If the mighty bulls succeed in holding the gains above the $40 mark, BSV will continue to ascend the gains ahead. It may redirect toward the $50 followed by the $56 mark.
Conversely, if the bearish sentiment follows, it may slip toward the downward region with an immediate support zone of $35. It may then fall to the $32 support in the short term.
Until the BSV crypto price crosses the $50 mark, fresh buying momentum could not be seen. The BSV price may remain range-bound. Above the $50 mark, a new era of reversal can be anticipated.