The Bitcoin price has remained in the vicinity of $27,500 for the past few days. During the past week, both Bitcoin Cash and Bitcoin SV have experienced significant declines, with losses amounting to 11.6% and 16.13%, respectively. BTC is once again approaching a point where a bearish crossover is imminent, potentially leading to substantial losses. Last week, Bitcoin price managed to break through the Exponential Moving Averages (EMA) and trade above $27,500. However, despite this upward movement, the diminishing bullish sentiment poses concerns not only for BTC but also for its hard fork counterparts, Bitcoin Cash and Bitcoin SV.
Tokens bearing the Bitcoin name are currently in a negative price trend.
Bitcoin typically serves as a guiding force for the broader cryptocurrency market, though it tends to exert a more pronounced influence on certain tokens. Specifically, Bitcoin’s hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV), are among those more deeply affected. Even before the world’s largest cryptocurrency gears up for a potential downturn, its namesake altcoins often experience earlier declines.
In the past week, Bitcoin SV (BSV) stood out as one of the most substantial losers, with its price plummeting by over 16% to reach a trading value of $33. Consequently, this altcoin has now reached a critical juncture, testing the vital support level represented by the 50-day Exponential Moving Average (EMA).
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Likewise, the price of Bitcoin Cash (BCH) experienced a drop of just over 11%, causing the cryptocurrency to be traded at $217. A significant portion of this decline occurred within the last 24 hours, coinciding with a 1.24% decrease in BTC’s value. This occurrence underscores the high correlation between Bitcoin and BCH, currently standing at 0.88. This correlation also implies a positive outlook for Bitcoin Cash, as any potential recovery in BTC’s price would bode well for the altcoin.
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It appears challenging for Bitcoin’s price to stage a recovery.
As of the current writing, Bitcoin’s price hovers around $27,500, and there’s a looming risk of breaking below the support of both the 100-day Exponential Moving Average (EMA) and the $27,418 threshold. While the cryptocurrency could potentially rebound from the intersection of the 50-day and 200-day EMAs, there’s a protective safety net at the $26,430 support level.
Should this level be breached, Bitcoin would face a steep decline below $25,000. The Moving Average Convergence Divergence (MACD) indicator indicates a waning bullish momentum, evident from the declining bars on the histogram. Simultaneously, the MACD line (blue) approaches the signal line (red), and a dip beneath it would mark a bearish crossover that could trigger losses for Bitcoin.
![](https://sollcrypto.com/wp-content/uploads/2023/10/Screen-Shot-2023-10-10-at-8.00.22-AM.png)
However, if Bitcoin’s price can maintain its support at $27,418, as it has done over the past week, the likelihood of a breakdown diminishes. Nevertheless, BTC would still require support from its investors to mount a recovery towards the $30,000 mark.
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