Bitcoin Satoshi Vision [BSV] has recently experienced a price decline that can be described as unexpected. Due to the occurrence, investors’ assets lost over 5% of their value in less than 24 hours. Is it expected that the downward trend will continue, and if so, why?
Robinhood halt BSV trade, delisting on the way
Bitcoin SV’s price has been on a downward trend, as depicted by a chart with a daily time frame. It’s possible that the prevailing sentiment on the market played a role, but more investigation suggests additional elements at play.
Stock and cryptocurrency trading platform Robinhood said on 11 January that it would soon stop supporting Bitcoin SV and delist the token later in the month.
According to the latest Robinhood announcement, as of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV. After that time, all unsold BSV in client accounts will be sold and credited to their accounts automatically.
A fork of Bitcoin Cash (BCH) resulted in Bitcoin SV, often known as “Satoshi’s Vision.” Its greater block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin [BTC], such as Bitcoin Cash [BCH].
Selling pressure spikes volume metric
As per Santiment’s volume metric, on 11 January, there was a significant increase in the number of transactions. The graph below revealed that over $77 million was traded over that timeframe. This was the first time in the year that such a high number of transactions would be documented, making it particularly noteworthy.
Looking at the volume indicator on the price chart in more detail, selling pressure had been predominant in the volume of transactions. BSV’s value fell as selling pressure became more prevalent.
BSV declines in a daily timeframe
BSV’s daily timeframe chart revealed that the asset was currently in a bear trend due to the downturn it was experiencing. An examination of the daily timeframe chart showed that the Relative Strength Index line had deviated below the neutral area. The asset was trading at around $41.4 at the time of writing, having lost about 1%.