Leading Bitcoin hard-fork project Bitcoin SV (BSV) has sunk -5% amid a shift in attention for Bitcoin alternatives towards an emerging Bitcoin cloud mining presale.
The tumble in price action comes as Bitcoin SV enters retracement from an impressive +74% ‘Uptober’ rally triggered on October 16.
Top Losers by Coinmarketcap:
1. MultiversX $EGLD $44.25 (- 8.40%)
2. Immutable $IMX $0.892 (- 5.56%)
3. Solana $SOL $39.92 (-3.61%)
4. Bitcoin SV $BSV $48.78 (-3.52%)
5. Mina $MINA $0.5866 (-3.03%)#MultiversXtech #Immutable #Solana #Bitcoin #cryptocurrencies pic.twitter.com/68tbDvi2lC— Hittboy (@hitt_boyy) November 6, 2023
BSV’s retracement move has seen the token rank amid the top losers by market cap over the past 24-hours.
BSV Price Analysis: Is Bitcoin SV Going to Zero as Attention Switches to This Other Bitcoin Project
As price action slides below moving average support, BSV is currently trading at $48.84 (representing a 24-hour change of -1.71%).
Much of the recent rally has been supported by an ascendant 20DMA, which saw a golden cross with the 200DMA on October 4.
However, in a tumultuous twist the -5% drop over the weekend has seen BSV fall below this critical 20DMA support, opening the door to serious downside risk.
Lower supports for Bitcoin SV can be found at $43.50 and the range between $39 and $40.
Meanwhile, the 200DMA can be found -27% beneath current price action, currently sat low in the trading channel at $35.44.
Despite the loss of 20DMA support, BSV price action remains at a consolidation level – which has been established above $47.50 over the last 7-days.
This is significant, as consolidation here has enabled a cool-down on the RSI, from a severe overbought signal to a calmer 57.44, suggesting upside could resume soon.
Yet, this is contrasted by an increasingly bearish MACD, which now suggests a downside move is on its way at -0.63.
Overall, Bitcoin SV appears to be stable here, especially compared to other Bitcoin forks, with a cooled-down RSI and consolidation holding, technical strength for another leg-up is growing.
This leaves BSV with an upside target at $52.50 (a possible +7.47%).
While downside risk with BSV is at lower support around $43.50 (a potential -10.95%).
Bitcoin SV therefore carries a current risk: reward ratio of 0.68, a weak entry suggesting that downside risk is dominant – but highlighting that BSV is not going to zero anytime soon.
A partial explanation for the tumble in Bitcoin SV price, is shifting focus to higher-return plays in Bitcoin alternatives, with a Bitcoin Cloud Mining presale – which enables retail investors to claim a stake in Bitcoin mining rewards – currently leading the pack.
BSV Alternative? Bitcoin Minetrix Presale Skyrockets Towards $3.5M as BTC Beta Play
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$3,464,109 raised.
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With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Bitcoin Minetrix Smashes $3.4M Raised as Traders Rally Against Bitcoin Mining Centralization
No longer the mainstay of basement ASICs, Bitcoin mining is now a multi-billion dollar industry, but with the success of Bitcoin mining centers comes the challenge of increased centralization.
Indeed, with just two mining pools (Foundry USA and Antpool) representing 57.5% of the Bitcoin network hashrate, mining centralization is desperately in need of modern solutions to ensure long-term network security.
This is where the magic of Bitcoin Minetrix comes into play, with Bitcoin cloud mining offering the opportunity for everyday investors to claim their slice of the pie – while bolstering Bitcoin’s network security.
All interested parties have to do is buy $BTCMTX tokens in presale and stake them to earn cloud mining credits, with Bitcoin Minetrix’s automated system handling the heavy work.
In effect, this means no more expensive barriers to entry, such as costly hardware requirements or complicated technical understandings – simply buy, stake, and earn to unlock the benefits of Bitcoin mining rewards.
Key Highlights of the BTCMTX Advantage:
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- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $3.4m raised towards its $3.9M goal. At a competitive price of just $0.0114 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Bitcoin SV Going to Zero? BSV Price Sinks 5% as Attention Switches to This Other Bitcoin Project appeared first on Cryptonews.
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