The Bitcoin SV price dropped just over 1% over the past 24 hours to trade at $48.62 as of 8:10 a.m. EST as investors cash out after Coinbase announced the termination of its support.
Bitcoin SV Price Slips as Coinbase Ends Support
Coinbase notified its users that they have until Jan. 9 to transfer their Bitcoin SV off the exchange. “If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV remaining in your Coinbase account,” a notice from Coinbase read. Many other exchange platforms have already delisted the token following a series of 51% attacks Bitcoin SV suffered back in 2021.
The Bitcoin SV Price May Breakout Towards the Downside Soon
Daily chart for the Bitcoin SV (Source: TradingView)
A symmetrical triangle has formed on the daily chart for Bitcoin SV price, which suggests that a breakout may be in the cards for the altcoin. Although this specific chart pattern does not signal in which direction the Bitcoin SV price will move, technical indicators on the cryptocurrency’s daily chart hinted at a possible drop in the Bitcoin SV price in the coming couple of days.
Bitcoin SV Price Losing the Support of Technicals
The daily Moving Average Convergence Divergence (MACD) line was breaking away below the MACD Signal line. This could be a sign that Bitcoin SV’s negative trend may continue in the short term. In addition to the bearishness displayed by the daily MACD indicator, the daily Relative Strength Index (RSI) indicator also suggested a drop in the Bitcoin SV price.
Buyers seemed to have lost their strength on Bitcoin SV’s daily chart as well, as the RSI line was positioned below the RSI Simple Moving Average (SMA) line. The negative slope of the RSI line also suggested that sellers maintained the upper hand against bulls.
If these technical flags are validated, the Bitcoin SV price may retest the immediate support level at $44.30. Continued sell pressure once the altcoin reaches this mark may then lead to it breaching the significant price point. This will then expose the Bitcoin SV price to the risk of also dropping below $33.40, before potentially plummeting to the $23.50 support in the following few days.
Still the Possibility of a Positive Breakout
There is still a chance that Bitcoin SV can breakout towards the upside. Should the altcoin close a daily candle above the symmetrical triangle pattern, then it may attempt a challenge at the $59.05 barrier in the short term.
While the Bitcoin SV price faces the risk of dropping in the next couple of days, Bitcoin ETF Token and Bitcoin Minetrix are set to benefit from the growing hype surrounding Bitcoin and spot Bitcoin ETFs (exchange-traded funds).
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