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- 1 Bitcoin SV and Bitcoin Cash have seen a surge as BTC transaction fees see a surge
- 2 The technical indicator of BSV is favoring a bullish momentum in price.BSV/BTC pair has also seen a surge of 31%
Bitcoin SV was created in 2018 due to the hard fork from Bitcoin Cash. BSV aims to create a blockchain to process faster transactions with a larger block size limit. BSV creator Craig Wright has also been the center of a lot of controversy. It can also be used as a stable Bitcoin storage in the future. It has a settlement time of less than two seconds which is faster as compared to others.
The BSV teranode Testnet has reached 50000 tx/sec proving its technical capabilities and is ready for mass adoption. It also supports smart contracts and has over 256+ dapps on its mainnet. It has a 4 GB of block size with a transaction fee of $0.0006. The rising congestion on the Bitcoin network remains one of the highlighted news of the week.BSV has obvious advantages of over Bitcoin which forces users to shift to BSV
Bitcoin SV has a market cap of $754 MIllion with a strong surge in volume. On the BSV/BTC chart, it hit a low of 0.01 and then saw a surge. The V/M ratio of asset price suggests a weak bullish trend.
Is BSV Ready For An Upside?
Bitcoin SV has been moving in a downside trend for the past few weeks. BSV has recently seen a strong surge which analysts are believing it as a dead cat bounce. Meanwhile, many analysts are believing the surge to be the effect of Bitcoin network congestion. BSV is currently trading near the value of $39.23 with a rise of 32% in the intraday session. The upside trend of Bitcoin SV can see a halt near the value of $45. It has recently tested an all-time low of $29 which can act as a support for the price. It is trading above the 50 and 100 Daily Moving Average They can act as a support for the asset price.
The RSI of BSV is near 66 with a strong positive slope in the indicator. The overall sentiment of the RSI is bullish.
Summary
Bitcoin SV has been seeing a strong volume due to BTC network congestion. BSV has recently seen a strong surge and can see a new high in the future.
Technical Levels
Major Support:$29
Major Resistance:$45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
