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BSV Price Tumble 12%; Time To Accumulate Bitcoin SV at Cheap Rate?

2 Mins read

BSV price prediction remains bullish for the short term as well for the long term till it sustains above $60 support. Recently, the bullish momentum has taken a halt and the price faces rejection from the $112.00 hurdle. It shows that sellers are getting active and trying their best to restrict the further upside. 

Bitcoin SV price fell 12% in the last trading session and witnessed sharp profit booking from the higher levels. The chart pattern says that this crypto price got stretched. So, it is just showing a temporary retracement and very soon buyers might come forward to halt the downfall. 

The trend of BSV is still in the upward direction because the price is sustaining above both the EMAs. The crypto is coming closer to the 50-day EMA, which may act as immediate support for the bulls. 

In the last session, this coin hit a swing low at $71.09 and displayed a sharp recovery. It clearly shows the presence of buyers at the lower level who are ready to accumulate BSV at a cheaper rate. 

Currently, the Bitcoin SV crypto price is trading at $84.75 with a one-day decrease of -2.08%.

BSV Price Analysis: Should Investors Go for Buy on Dips?

BSV Price Tumble 12%; Time To Accumulate Bitcoin SV at Cheap Rate?
Source: BSV/USDT daily chart by Tradingview

BSV price is reversing down and bears are trying to erode the majority portion of December 2023 gains. It loses momentum but buyers are not ready to step back and seem like waiting for dips to build fresh longs. 

The performance of Bitcoin SV in the last month has made clear that big investors are bullish on it. So, they might have injected money at lower levels and would go to any extent to defend the $60 support. 

Therefore, new participants can take this downfall as an opportunity to buy BSV at a cheaper price. 

What’s the New Supply Zone in Bitcoin SV Price?

Bitcoin SV price corrected 25% from the recent swing high and bears showed their presence on a higher level. For the coming months, the $100 to $112 range will act as a supply zone for the bulls. 

Until buyers succeed in pushing the price above the supply zone the price may lack momentum. The other probability may be that the price entered into the consolidation phase to form a strong base. 

Conclusion

BSV price prediction is mildly bullish for the short term till the price holds $60 support. However, the price will pick up momentum when buyers can regain the $100 mark. 

The analysis suggests the downfall in Bitcoin SV looks temporary, so investors should accumulate it to generate nominal gains. 

Technical levels
  • Resistance levels: $100.02 and $112.92
  • Support levels: $70.17 and $55.57

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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