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• The price of Bitcoin SV (BSV) is trading around $37.28.
• The 24-hour volume of BSV is $50,287,783.
• BSV price has been observed to increase by 2.01%.

In 2018, the Bitcoin SV (BSV) was released. The goal of the BSV is to restore and regain Bitcoin’s original intent by implementing stability and scalability and a high volume of transactions.

By introducing a larger block size, enhancing stability, and offering more transactions in each block, it has distinguished itself from other coins.

Bitcoin SV Trend Analysis

It is clear from the chart’s trend and price information that Bitcoin SV (BSV) is currently experiencing a downtrend momentum that is characterized by a string of lower lows.

Over the course of two years, the price of BSV fell by over 96% from its peak of $443.76 in May 2021. However, the price found support at $22, which may have signaled a change in the direction of the price movement.

The BSV price is currently seeking to break past a critical resistance level of $45 but is unable to do so. As a result, the price is currently retracing back toward the area of support.

When looking at Bitcoin SV’s (BSV) entire market structure, it appears to be building a weak pattern and may soon crash.

The ROI for Bitcoin SV has significantly dropped by 67.86%, pointing to an extended period of poor performance for the cryptocurrency.

Bitcoin SV is Trading in Downwards Direction

Technical Analysis (1D Timeframe)

Bitcoin SV (BSV) Price Analysis

EMA

The fact that Bitcoin SV (BSV) is currently trading below both the 20-day and 50-day Exponential Moving Average (EMA) levels suggests that the bearish trend may continue and that the price will continue to decline.

RSI

The BSV’s daytime RSI is currently circling around the 50 level, which denotes a reasonable balance between buying and selling pressure. There is a strong possibility that the price will outperform the level and decline.

Trendline Analysis

The trendline is being respected by the price, and the price’s reversal from the resistance level suggests that the price of the coins will continue to decline.

Conclusion

As per the analysis in the weekly timeframe,t the indications support the movement to the downside in a short period of time. We may anticipate that the price will move higher if it breaches the previous level with strong volume. Given that it has reached its all-time low, the Bitcoin SV (BSV) is currently in a decline over a longer time period.

Technical Levels

• The Nearest Support Zone for BSV is  $23.03.
• The Nearest Resistance Zone for BSV is $36.20

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.