Bitcoin prices have lost momentum in the past week, which has put tremendous pressure on Bitcoin Cash (BCH) and Bitcoin SV (BSV). With BTC prices hovering around $27637, the cryptocurrency market has entered a stage of sideways consolidation
Bitcoin prices have lost momentum in the past week, which has put tremendous pressure on Bitcoin Cash (BCH) and Bitcoin SV (BSV). With BTC prices hovering around $27637, the cryptocurrency market has entered a stage of sideways consolidation. However, this horizontal arrangement not only causes trouble for BTC, but also has a more significant impact on the hard fork tokens BCH and BSV.
Due to the weakness of Bitcoin (BTC) prices, the prices of counterfeit coins are also falling, putting pressure on the entire cryptocurrency market. Among them, BSV has experienced a significant decline in the past week, with its price dropping by over 16% to $34. Meanwhile, the price of BCH has also dropped by over 9%. The correlation between BTC and BCH is high, indicating that the recovery of BCH prices will also depend on the recovery of the BTC market.
Although BTC may rebound from the convergence of the 50 day and 200 day moving averages, Bitcoin prices are currently hovering around $27637, potentially losing support from the 100 day moving average and $27418. If this support level is lost, BTC may fall below $25000 and enter a more sluggish market.
However, if Bitcoin prices can maintain a support level of $27418, the likelihood of a crash will decrease. Regardless, BTC urgently needs support to rebound to $30000. Only when the entire cryptocurrency market recovers vitality can BCH and BSV escape their current difficulties.
In summary, the weak price of Bitcoin has had an impact on the entire cryptocurrency market. BCH and BSV, as hard forked tokens of BTC, have been particularly affected. Although the market is currently in a sideways consolidation state, it is only when BTC regains momentum that the entire cryptocurrency market is expected to regain vitality. Therefore, let's jointly look forward to the improvement of the market and bring new hope to BCH and BSV. Although the current situation in the cryptocurrency market is not optimistic, we still believe in the potential of the market and the value of cryptocurrencies such as Bitcoin.
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