Bitcoin SV Sees Plenty of Movement as It Falls Below $120
Bitcoin SV has continued its downward trend for the week, dropping under the $120 resistance today. It is struggling to make any upward progress, falling far below the $159.59 (BSV/USD) of June 28th.
BSV has a volatility of 1.11, though; so, there’s plenty of action on an hourly level. While the digital asset has trended down since the 28th, day traders are seeing value in quickly buying and selling the coin.
As with most cryptocurrencies, Bitcoin SV has fallen substantially since May. It has stayed below the $350 resistance level since the middle of May, and then below the $200 level since a week after that. This huge drop in a short period of time has been followed by slowing losses, though, making it a safer bet now than it was a couple of months ago.
The crypto fellow below the $150 resistance briefly on June 20th, coming back on the 28th, and then falling back under that mark and staying under since July 5th.
With over $5.6 million in transactions over the last 24-hour period, this is still a very active crypto currency. That’s why we say it’s one to watch right now, because even if there is not a major breakout in the near future, the healthy activity makes for a good day trading option.
What Is Bitcoin SV?
BSV, or Bitcoin Satoshi Vision, was first released onto the cryptocurrency market in 2018 and offers lower transaction fees and larger block sizes for blockchain compared to the conventional Bitcoin. The supporters behind the crypto believe they are realizing the original vision of Bitcoin’s mysterious creator with BSV and feel that Bitcoin (BTC) has veered away from that original vision.
How BSV will fare over the long term is hard to guess right now. If the cryptocurrency market recovers from its downward spiral that started a few months ago, Bitcoin SV will likely be pulled up along with the rest of the crypto coins. Many cryptos are designed to be very resilient, with value beyond the coins themselves, so industry analysts are hopeful that the current state of the market is one that will not last much longer.
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