The latest Bitcoin SV news show that the fork of the Bitcoin Cash (BCH) network and token created by Craig Wright has suffered a 4% drop which took it below $100. Even though the entire market dropped and lost more than $20 billion in less than 48 hours, the fact that Bitcoin SV retraces does not change much when it comes to the weekly gains.
Last week, the price of the cryptocurrency BSV exploded and showed marvelous gains which weren’t seen for months. BSV practically went shooting and in a range between $110 and $115, ascending to highs of $113.24 at the very close of the session. Now that Bitcoin SV retraces below $100, analysts are worried and asking themselves if the price of BSV will be dragged further below.
The price action saw a ripple effect on the trading volume which saw a 44% rise in just 24 hours from $303 million to $541 million. The market cap of the digital asset also ballooned from $1.6 billion to $2 billion in the same period.
At the time of writing, Bitcoin SV retraces – but is still up 17% from the same time on Monday against both the US dollar and Bitcoin (BTC). The latest cryptocurrency news also show that the trading volume is holding at $581 million in the last 24 hours while the market cap is now standing at $2 billion.
When looking at the one-hour chart, we can see that Bitcoin SV retraces above the Simple Moving Averages (SMAs) was key to the tremendous gains. The 50 SMA on the one-hour chart and the 100 SMA are still playing catch up. However, they are inline to offer support in case an extended reversal occurs.
We can see that Bitcoin SV has broken below the short-term accelerated trend line and is trading at $112.67. The short-term support, on the other hand, is formed at $110 while the upside is limited at $115.
On the one hour chart, Bitcoin SV retraces and is still in a bearish condition. The overall market cap is still weak and is near the $200 billion mark – something we haven’t seen in weeks. If the drop continues led by Bitcoin (BTC), we can expect further losses for all altcoins and the key players – the top 20 coins.
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