• Bitcoin SV gets ready for a scheduled hard fork.
  • BSV/USD may retreat to SMA100 4-hour within the current downside correction.

Bitcoin SV, now the 5th larges coin with the current market value of $4.89 billion, reached the top at $458.74 on January 14 and retreated to $272 by the time of writing. Despite that the coin has lost over 40% from the recent peak, it is still one of the best-performing coins of the year. 

New pump ahead?

While the reasons for the recent BSV surge range from the speculative pump to the new developments in the Kleiman vs. Wright lawsuit, the traders should brace themselves for a new boot of volatility. Bitcoin SV is moving towards Genesis hard fork that will take place on block 620538 approximately on  February 4. 

While the fork is not expected to result in a new blockchain, the price of the coin may be volatile around the event as the smooth network operation depends on how the participants update their software. 

Huobi Global has confirmed the support of the fork and announced that all deposits, withdrawals and new margin trading loan services would be suspended before the upgrade and resumed after the BSV mainnet becomes secure and stable.

BSV/US: technical picture

The initial support for BSV/USD is created by SMA50 4-hour on approach to $263.00. If this line is broken, the sell-off may continue towards $233.00, which is the lower line of 4-hour Bollinger Band. Meanwhile, a crucial barrier comes at a psychological $200. It is closely followed by SMA100 4-hour at $192.00.

On the upside, We will need to see a sustainable move above $300.00 for the upside to gain traction. Once it this barrier out of the way, the upside is likely to gain traction with the next focus on $377.00 (the upper line of the daily Bollinger Band) and $400.00. This resistance is likely to slow down the bulls and trigger the downside correction before they make another attempt to pass this critical barrier.

BSV/USD 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Pointing beyond the Moon

The sensations are very positive from a technical point of view. There are several signs that we may be facing the expected bullish market after the Bitcoin halving.

More Bitcoin News

XRP/USD may return to $0.2000 before another bullish wave

Ripple’s XRP settled above $0.2000, which is a positive signal for the coin in the short run; however, the further upside momentum seems to be limited for now.

More Ripple News

Ethereum Chart Update: ETH/USD is fine as long as it stays above daily SMA50

Ethereum (ETH) has been moving inside a range limited by $230.00 on the downside and $240.00 on the upside since Sunday. The coin tested lows at $224/62; however, the sell-off attracted new short-term buyers that pushed the price back above $230.00.

More Ethereum News

ETC/USD recovers from the hardfork-induced sell-off

An essential hardfork Phoenix was activated on the Etehreum Classic blockchain at block 10,500,839. The fork happened on May 31, 2020, ten days earlier than it was previously expected.

More Ethereum Classic News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast