Bitcoin Satoshi Vision (Bitcoin SV) has enjoyed a short-lived rally over the past month, after almost two years of downside slide, but will the recovery flop-or-fail?
Launched in 2018 as a hard fork of Bitcoin Cash, Bitcoin SV, was originally launched on the promise of bringing Bitcoin technology back closer in-line with the original ideas of pseudonymous founder Satoshi Nakamoto.
However, despite the ambitious launch – which boasted one of the fastest ledgers in the space with the ability to process more than 50,000 transactions a second – things have been bleak.
Legions of holders have endured more than two years of downside price action since the heights of May 2021.
Bitcoin SV Recovery: Sink or Swim?
But in a recent twist to the two years of decline, there has been a brief hiatus rally over the past month – with a surprising +120% rally at the end of June.
Price action pushed up dramatically, to touch hard resistance at $55, a level not seen since September 2022 (pre-FTX saga).
But strong resistance at this level rejected price action, sending the price of BSV tumbling -35% back down to support at the 200DMA over the past two weeks.
With Bitcoin SV now trading at $36.50 (+1.39% since market open) many are wondering is BSV is destined to go to zero.
Indeed, now under a ceiling of localised resistance from both the 20DMA and 200DMA, price action will struggle to push up high once more.
And despite the emerging consolidation pattern over the past 4 days, BSV’s indicators provide few reasons to be cheerful.
The RSI is still sat on the fence at 45, showing little capacity to move up, and worse still the MACD is showcasing minor bearish divergence at -1.19 – adding propensity to the idea BSV is once again heading south.
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