Bitcoin SV is a fork of Bitcoin Cash(BCH). It was created to restore the original Bitcoin protocol as defined by version 0.1 of Bitcoin. SV in BItcoin SV stands for “Satoshi Vision”. Bitcoin SV promotes lightning fast blockchain transactions which are supported by larger block sizes enabled on BSV.
On May 9, Bitcoin SV upsurged approximately 50% and created a high at $45 level. The impulse move was corrected by the bears and price melted down to $33 level causing a downfall of roughly 28%.
At the start of 2023, BSV price consolidated between the range of $40 and $46 within it tried several times to escape but bulls pushed price again into the zone. The price finally shattered the consolidation zone in downward direction at the start of March.
BSV price then formed a support at $29.90 level after zone-to-zone breakout. Current price action shows that if Bitcoin SV price can break and close above $36.50 price, there is possibility that price might retest $45 highs.
Reason Behind Upsurge In Bitcoin SV Price
The Bitcoin flaters are rising transaction fees and chain bloat from ordinals transaction takes hold. The jump might be due to the congestion on the bitcoin network caused by ordinals NFT and BRC-20 tokens. The average transaction fee on BSV is about $0.035 while Bitcoin’s fee spiked to $31.50 as more users jump on the BRC-20 token.
BSV price is down by -92.79% from the all time high of $491.64. The price did rise from the all time low of $28.74 and is still up by 20% since May 9. BSV price has shown signs of recovery although reaching the all time high is a pretty big and difficult task in the current scenario.
Will BSV Price Lose Bullish Momentum Soon?
RSI trades at 51.75 indicates price is facing the same pressure from bulls as well as bears and might consolidate in the current region. The chaikin money flow score is 0.05 still above the 0 mark and can cross below 0 mark if recent support of $33 gets shattered indicating sellers have taken over the control.
BSV price is hovering near the 20-day SMA of bollinger indicating that price might consolidate for some time. The long/short ratio is 1.03 with 50.75% longs and 49.25% shorts indicating almost the same position from buying and selling side.
Conclusion
The market structure and price action is currently indecisive for Bitcoin SV price. The technical parameters are stating the same fact. Lets see if BSV can continue its bullish momentum and head towards the yearly highs.
Technical levels
Major support: $33 and $29.90
Major resistance: $36.50 and $42.60
