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- Bitcoin SV has been looking for a new high and has seen a drop of 91% from its all time high.
- Technical indicators of BSV are favoring consolidation. BSV/BTC pair is down by 2.26%
Bitcoin SV (Bitcoin Satoshi’s Vision) is a cryptocurrency that was created as a result of a hard fork of the Bitcoin Cash (BCH) network in November 2018. The fork was the result of a long-standing dispute within the BCH community over the future direction of the cryptocurrency. The main point of contention was over the block size limit, with one group advocating for a larger block size to allow for faster transaction processing, and the other group advocating for keeping the block size smaller to maintain decentralization.The group that favored a larger block size eventually split off from the main BCH network and created Bitcoin SV, which has a block size limit of 128 megabytes. They claim that this larger block size will allow for more transactions to be processed per second, making it more suitable for use as a global currency.
Bitcoin SV is currently ranked 44th in the cryptoverse and has a market cap of $827 Million. Volume of the BSV has seen a dip of 34% in the intraday session. Volume to market cap ratio of BSV suggests a consolidated trend in price.
BSV Bulls Are Still Not Up
Bitcoin SV has been in a consolidated trend for the past few weeks. The weekly technical chart of the BSV suggests a weak upside trend in price. On coming to the daily chart the asset price is trading near $43 with a drop of 2% in the intraday session. Resistance of the BSV can be seen near $60.Meanwhile the support of the asset price can be observed near $35. It is currently trading below the 100 and 50 Daily Moving Average. There can be a negative crossover which can push the price below. Various analysts are expecting a a strong growth in the future.
Conclusion
Bitcoin SV has been affected by the downside of crypto market. BSV is currently seeing a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$35
Major Resistance:$60
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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