Bitcoin SV Price Tries to Control $100 Despite Bearish Pressure

02 December, 2018, 22:46 | Author: Gerard Cortez
  • Bitcoin BTC Cryptocurrency Price

Following the nasty split that took place after the Bitcoin cash fork, Bitcoin Cash SV performance is shocking as the coin has been pushing its way through the top as the coin now stands as the 7 cryptocurrency in terms of market capitalization. "In contrast to bounces that have developed through 2018, weekly RSI [relative strength index] is now at levels not seen since BTC's last bear market low in early 2015 and BTC is showing very early evidence of responding to its long-term uptrend after three major downside moves through 2018..." This also marked an 80% dip into its all time high. There is a lot of interest around this project which is why the price rallied this aggressively against Bitcoin (BTC) and Ethereum (ETH) in the first place. While the price boost is encouraging, it isn't what investors were hoping for at the end of the year.

On November 28, the price of Bitcoin (BTC) spiked from $3,771 to $4,355, by more than 15.4 percent.

"Don't go getting euphoric already, price is at resistance on higher time frames".

What Caused The Price Recovery?

Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight compounded by frequent swings in price. Bitcoin Cash ABC is down by around 8%.

Bitcoin price bounced back to the $4300 level at present after collapsing to $3500 last week.

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He further explained that since the crypto market is still relatively small, a large "buy" order can "kick off an avalanche".

They said the US Securities and Exchange Commission (SEC) was partly to blame for the recent sell-off, with the delay in its approval of new bitcoin instruments, as well as for its investigations of initial coin offerings and crypto exchanges. In fact, the parent company of the New York Stock Exchange, Intercontinental Exchange, is already backing a type of Bitcoin futures through Bakkt.

Bitcoin, at its current low prices, has made mining for bitcoin unprofitable in many cases.

According to the economics and sociology graduate (from Bucknell University), "time is important because it allows institutional investors to understand the assets aren't going away and they can see their forward-thinking peers making money".

Bloomberg reported this month that the U.S. Department of Justice had initiated an investigation of cryptocurrency Tether over possible manipulation of bitcoin prices at the end of previous year.

At the moment, BTC is trading in the green, and it's priced at $4,294.10 according to data provided by CoinMarketCap. This shows that it is up by 7.45% against the United States dollars. One First Bitcoin coin can now be purchased for about $0.0033 or 0.00000074 BTC on popular exchanges.



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