Home
News
- Bitcoin SV has been in a consolidated trend with major volume influx from centralized exchange
- Technical indicators of BSV are favoring a weak upside trend. BSV/BTC is down by 0.85%
Bitcoin SV (BSV) is a cryptocurrency that was created as a result of a hard fork of the Bitcoin Cash (BCH) network in 2018. The hard fork was the result of a disagreement within the BCH community over the direction the project should take. One group, led by Craig Wright, wanted to restore the original Bitcoin protocol as it was laid out in the Satoshi white paper, while the other group wanted to continue to evolve the protocol and add new features. The group led by Wright ended up creating BSV and the other group continued on with the BCH ticker.One key difference between BSV and other cryptocurrencies is its focus on returning to the original design of the Bitcoin network. BSV proponents believe that the protocol should remain as it was originally intended, with a focus on being a peer-to-peer electronic cash system rather than a platform for smart contracts or other more complex features. To this end, BSV has removed certain features that were added to the Bitcoin protocol over the years, such as SegWit and Replace-by-Fee.Another difference between BSV and other cryptocurrencies is its block size limit.
Will BSV Hit $100 This Year?
Bitcoin SV has been in a week upside trend for the past few months. The weekly technical chart of the BSV suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near $44.35 with a drop of more than 0.98%. The upside trend of the BSV can see a halt near $60. Meanwhile the support of the coin can be seen near $20. Bitcoin SV is trading above the 50 DMA and is ready to cross the 100 DMA. It can see a strong upside trend in the near future.
Conclusion
Bitcoin SV has been in a strong correlation with the Bitcoin and can see a momentum in the near future. BSV is currently in a consolidated trend but can move to a new high.
Technical Levels
Major Support:$25
Major Resistance:$60
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
