0
📈 Price Predictions
992 views

Bitcoin SV (BSV) Price Analysis — BSV Skyrockets 20%. Any Technical Reasons for That?

ByBit
  • Denys Serhiichuk
    📈 Price Predictions

    Which reasons influenced the Bitcoin SV price rise: technical or fundamental ones?

Bitcoin SV (BSV) Price Analysis — BSV Skyrockets 20%. Any Technical Reasons for That?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

While Bitcoin keeps trading near the $7,400 mark after a fall from $8,000, altcoins are showing different price dynamics. The biggest gainer is Bitcoin SV (BSV) whose rate has rocketed by over 20% over the previous day. Other top coins are also in the green zone. 

BSV
Image via Coinstats

Bitcoin SV is standing out from the rest cryptocurrencies. Its price jumped against BTC by more than 30% over the last month. The announced hard fork which is going to happen on February 4, 2020, might be one of the reasons for the price growth.

Name: Bitcoin SV

Ticker: BSV

Market Cap: $2 020 071 934

Price: 0,01489548 BTC

Volume (24h): $247 626 891

Change (24h): 20,86%

The data is relevant at press time.

BSV/BTC: The Announced Hard Fork as the Reason for a Bull Run?

After trading sideways for around a month, the Bitcoin SV quotes have struck the roof, rising by almost 50%. As a result of the growth, BSV rushed into the top 10 coins group and is now on place #9.

BSV/BTC chart by TradingView

The rise happened unexpectedly from the technical analysis point of view. On the 4H chart, the indicators are showing the coin being oversold. Currently, one should pay attention to the two support areas at 0.014 BTC and 0.013 BTC, respectively. If Bitcoin SV breaks through the first one, it will move to the second one shortly. 

👉MUST READ

Bitcoin (BTC) Price Breaks Above $8,200 While Bitcoin Cash (BCH) and Bitcoin SV (BSV) Post Even Higher Gains

Bitcoin (BTC) Price Breaks Above $8,200 While Bitcoin Cash (BCH) and Bitcoin SV (BSV) Post Even Higher Gains

Summing up, the short-term forecast is bearish and the decline is likely to continue until mid-November. It is difficult to predict the long-term scenario as the BSV rate depends on price movements of the leading crypto.

Bitcoin SV is trading at 0.01489 BTC at press time.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
377 views

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

👉MUST READ

Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

👉MUST READ

Deribit or BitMEX? Crypto-derivatives Exchanges Compared

Deribit or BitMEX? Crypto-derivatives Exchanges Compared

As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted