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

Price Predictions
Fri, 10/25/2019 - 08:05
Denys Serhiichuk
Which reasons influenced the Bitcoin SV price rise: technical or fundamental ones?
Cover image via www.tradingview.com

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. 

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. 

Related
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.

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

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 makes 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, can be contacted at denys.serhiichuk@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy