- Bitcoin SV coin breaks the upward trend line and trades below the sloping trendline.
- The BSV token is trading below the crucial 20, 50, 100, and 200 exponential moving averages on the daily price chart.
- The Bitcoin SV coin belonging to the Bitcoin pair is down 0.94% at 0.001906 satoshis.
The Bitcoin SV coin was again caught by the short-sellers near the psychological round level of $100. In April, buyers were celebrating the upwards rally of BSV but they failed to hold the crypto price in the higher territory.
The BSV coin has been struggling for the past several weeks after reversing from the $100 Mark. Meanwhile, the daily price action suggests the selling on rising technique. Hence, the BSV coin noted a 52 weeks low at $70.6 on 1 May, which turned into the support zone.
At the time of writing, the price of the Bitcoin SV token holds an important support level with the presence of $73.6. Meanwhile, the market cap of the BSV token fell by 1.13% to $1.3 billion in the past 24 hours. Furthermore, the Bitcoin SV coin belonging to the bitcoin pair is down 0.94% at 0.001906 satoshis.
In terms of the daily price chart, the 20 EMA (Green) has been a major bullish barrier for buyers for the past several days. Thus, the price is well below the important 20, 50, 100, and 200 exponential moving averages. However, the coin lost 23% of trading volume the previous night, so buyers are unable to reverse the crypto trend.
BSV noted the fresh 52-weeks low
The daily RSI indicator is located near the 30 mark in the highly oversold area. Similarly, the ADX indicator is rising gradually, indicating the strength of the bearish momentum.
Conclusion
However, as the Bitcoin SV coin is above its 52-week low, buyers need to manage costs above the weekly low to protect themselves from further bloodshed.
Support levels – $70 and $60
Resistance level – $100 and $120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.