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.
BSV Price Analysis: Is Bitcoin SV Going to Zero as Attention Switches to This Other Bitcoin Project
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 way at -0.63.
Overall, Bitcoin SV appears to be stable here, especially compared to other Bitcoin forks, with a cooled-down RSI and consolidation holding, technical strength for another leg-up is growing.
This leaves BSV with an upside target at $52.50 (a possible +7.47%).
While downside risk with BSV is at lower support around $43.50 (a potential -10.95%).
Bitcoin SV therefore carries a current risk: reward ratio of 0.68, a weak entry suggesting that downside risk is dominant – but highlighting that BSV is not going to zero anytime soon.
A partial explanation for the tumble in Bitcoin SV price, is shifting focus to higher-return plays in Bitcoin alternatives, with a Bitcoin Cloud Mining presale – which enables retail investors to claim a stake in Bitcoin mining rewards – currently leading the pack.
BSV Alternative? Bitcoin Minetrix Presale Skyrockets Towards $3.5M as BTC Beta Play
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Bitcoin Minetrix Smashes $3.4M Raised as Traders Rally Against Bitcoin Mining Centralization
No longer the mainstay of basement ASICs, Bitcoin mining is now a multi-billion dollar industry, but with the success of Bitcoin mining centers comes the challenge of increased centralization.
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This is where the magic of Bitcoin Minetrix comes into play, with Bitcoin cloud mining offering the opportunity for everyday investors to claim their slice of the pie – while bolstering Bitcoin’s network security.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.