Long

bullish

Bitcoin SV

2024

Bitcoin

<p><strong>Bitcoin SV </strong>is a cryptocurrency that claims to follow the original vision of Bitcoin. Due to the significant decline in BTC price, <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin-sv/">BSV </a>price also declined. It reverted from the $50 mark, displaying a retracement this week.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-bsv-price-at-press-time"><strong>BSV Price at Press Time</strong></h2> 
<p>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.</p> 
<p>It exhibited a downward trend and continued to face selling pressure from the highs, indicating a bearish sentiment.</p> 
<p>Recently, the <strong>Bitcoin SV price</strong> 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.&nbsp;</p> 
<p>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.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-sv-lost-traction-price-action-outlook"><strong>Bitcoin SV Lost Traction: Price Action Outlook</strong></h2> 
<p>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 $50 mark.</p> 
<p>In the past two weeks, BSV has seen a significant bounce back. However, the short-term bearish sentiment remains intact. It lost traction and dragged below the 20-day EMA mark, which guided a fear of the next selloff.</p> <iframe loading="lazy" title="Santiment Chart: Price (BSV), Volume (BSV)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aelf&amp;pt=ELF&amp;df=2024-02-03T18%3A29%3A59.450Z&amp;dt=2024-08-03T18%3A29%3A59.450Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bbitcoin-sv%3BBSV%5D%3B%5B1%3Bvolume_usd%3Bbitcoin-sv%3BBSV%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI curve reverted from the overbought zone, implying a profit booking after a significant rebound. Similarly, the MACD indicator conveyed that the bulls looked exhausted and sellers gained strength.</p> 
<p>Wick (@ZeroHedge_), in his tweet, said that BSV had made a bottom and started accumulation.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BSV&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BSV</a><br><br>BSV also seeing a pop after the Bitcoin conference up almost 20%.<br><br>You can see it was from a classic confirmed bottom within stage 1 basing. These are the easiest and best setups <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4af.png" alt="💯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/sNi4EIKc5k">pic.twitter.com/sNi4EIKc5k</a></p>— Wick (@ZeroHedge_) <a href="https://twitter.com/ZeroHedge_/status/1817943123974140083?ref_src=twsrc%5Etfw">July 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>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.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-development-activity-and-open-interest-data-assessment"><strong>Development Activity and Open Interest Data Assessment</strong></h2> 
<p>The development activity was noted to have a significant inclination, referring to the developers’ contribution to blockchain projects.</p> 
<p>The positive value implied that the coin has a significant potential to outperform in the coming sessions.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (BSV), Total Open Interest in USD (BSV)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aelf&amp;pt=ELF&amp;df=2024-02-03T18%3A29%3A59.450Z&amp;dt=2024-08-03T18%3A29%3A59.450Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bbitcoin-sv%3BBSV%5D%3B%5B1%3Btotal_open_interest%3Bbitcoin-sv%3BBSV%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-long-vs-short-liquidation-data-overview"><strong>Long vs. Short Liquidation Data Overview</strong></h2> 
<p>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.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="274" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-1024x274.png" alt="Liquidation Data | Source: Coinglass" class="wp-image-647226" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-1024x274.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-300x80.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-768x206.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-150x40.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-696x186.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43-1068x286.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-43.png 1397w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidation Data | Source: Coinglass
 </figcaption>
</figure> 
<p>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.&nbsp;</p> 
<p>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.</p> 
<p>Until the <strong>BSV </strong>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.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/04/bitcoin-sv-bsv-price-couldnt-breach-50-hurdle-whats-next/">Bitcoin SV (BSV) Price Couldn’t Breach $50 Hurdle; What’s Next</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin SV (BSV) Price Couldn’t Breach $50 Hurdle; What’s Next

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