The market has lost $4500 million of market capitalization in 24 hours, while its main reference as Bitcoin, struggles in a series of lateral movements of not being caught by the bassists who try to bring down their price below the psychological line of the five digits, generating a feeling of fear in the market currently very high.
At the time of writing, the dominance of the leading cryptocurrency has dropped half a percentage point in its market dominance, to 68.85% with many investors waiting for a break above 70 percent that signals a bullish flag for BTC.
While awaiting the outcome of BTC, some altcoins within the top ten of the market such as Binance Coin and Bitcoin SV show signs of recovery in their prices, in what is possibly a positive reaction to Binance announcements on its landing platform and judicial decisions about the wealth in BTC owned by the creator of Bitcoin SV and self-proclaimed Nakamoto, Craig Wright.
At the time of writing, BSV had a spot price of $133.01 per unit and a market capitalization market of just over $2374 million to stay in the penultimate box of the prestigious Top Ten markets.
Its domestic market is dominated by the CoinBene exchange with the pair anchored to the stablecoin Tether, representing 18.50% of the general share of the BSV price.
In the short term, BSV in the 1H chart seems to be culminating an S-H-S pattern, so at this time we could expect a fall to key support of $131 and then push again to close values of $136 before catapulting higher resistance prices Immediate of $138.78.
The Aroon indicator presents both signals at the bottom of its graph, which indicates a possible pattern change at any time as projected.
Stochastic, on the other hand, is on the cusp with values close to the overbought zone in the order of the 80s.
CMF points to a drop in the capital inflow to the BSV market, which is natural for some investors to withdraw profits at this point before returning to enter with greater flow.
In the medium term, BSV for its part has fallen dramatically since it reached values close to $260 in the middle of the year and more depth is expected to levels of S1 @ $112.31. Hopefully, we can see a takeoff of up to 60 units after reaching strong support to levels of R1 @ $177.18.
The 100-day moving average is the resistance to break by BSV to be able to catapult new higher prices.
Awesome Oscillator shows us that the shallow depth of his green histograms in a positive sense is coming to an end, so, we may see BSV after reaching S1 levels go straight to R1 in a pattern change.
Finally, the Relative Strength indicator is signaling a break in the bull market of BSV, after the increased selling pressure on altcoin by investors to withdraw profits and enter with new positions.
Bitcoin SV has witnessed in recent months a great market manipulation that many consider coming from whales to seek funds and on the other hand, from the same BSV support team to generate more interest while the news falls on one of its founders and top speakers, Craig Wright.