- Bitcoin SV listing on Hotbit Korea opens the token to the Asian market.
- Bitcoin SV recovery from monthly lows at $150 takes a breather under $180.
Bitcoin SV has been on a run-up from the lows traded on September 4 and September 5 at $150. Before the dip, BSV/USD exchanged hands above $200 and even changed closer to $210. The widespread declines in the cryptocurrency market left no stone unturned, sending Bitcoin SV on a rabbit hole exploration mission below crucial levels such as $200, $180, and $160.
Support at $150 was instrumental to the ongoing recovery that has seen BSV trade within a whisker of $180. At the time of writing, BSV is trading at $173 amid a push to hold the price above $170.
BSV/USD 1-hour chart
 (2)-637351570509712007.png)
Korean exchange adds BSV while supporting BSV-fiat trading
Hot Korea, a Korean-based exchange, has listed BSV as a tradable asset. What is intriguing is that BSV can be traded against fiat currencies. The trading has continued to gain traction from the debut date of September 4. The pairs currently supported include BSV/BTC and BSV/KRW (Korean won).
#BSV will be listed on the Hotbit Korea #KRW market on Sep 4th at 3PM.#Bitcoin SV (BSV) is created to improve #transaction efficiency by designing high block size with a #hardfork of Bitcoin Cash (#BCH).https://t.co/NWh9BbvFdr#hotbitkorea #hotbit #listing #bitcoinsv pic.twitter.com/daXDulb8BL
— HOTBIT KOREA (@Hotbit_Korea) September 4, 2020
The listing on Hotbit is incredibly massive for Bitcoin SV as it has been missing in the major exchanges operating in the region, mainly due to regulatory bottlenecks. Note that Hotbit Korea is a subsidiary firm to Hotbit Global, a cryptoasset exchange. Therefore, BSV has the rear chance of tapping into Hotbit Global’s massive liquidity.
The news of this listing has reverberated across the BSV community sparking new interest in the digital asset. The spike from $150 to highs close to $180 is attributed to the listing.
Bitcoin SV technical analysis
Bitcoin SV is trading at $175, marginally above the 38.2% Fibonacci short term resistance of the last swing high to $208.05 to a swing low of $150. The price is also immediately supported by the 50 Simple Moving Average.
On the upside, the price action from $150 is limited by the 50% Fibonacci level (just under $180). Gains above $180 might be cut short by the seller congestion at the 100 SMA in the 4-hour range. Relatively smooth price action is expected to complete the leg up to $200, mostly if the $190 zone's resistance is overcome.
BSV/USD 4-hour chart
 (3)-637351612815375582.png)
Bitcoin SV on-chain data analysis
According to data provided by IntoTheBlock, the most significant resistance zone lies between $185 and $190. The metrics highlight that over 755,000 BSV tokens were purchased in this range at an average price of $188. The wallets in this zone are currently Out of the Money, therefore, unlikely to sell in the near term. A break above this zone could propel BSV back to the $200 level.
Concerning on-chain support, Bitcoin SV is treated to strong support at $168. The zone is elastic enough to hold up to $173 (the maximum) price 285,190 BSV were bought. However, if push comes to shove at $163 will come in handy before Bitcoin SV explores the rabbit hole back to $150.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.