Leading hard fork project Bitcoin SV (BSV) has surged +10% overnight following the bullish news that the SEC will have to abandon the current legal argument used to prevent a Bitcoin spot ETF.
The revelation from the three-judge panel of the District of Columbia Court of Appeals in Washington ruled that the SEC failed to fully explain why it had rejected Greyscale’s product application for a Bitcoin spot ETF.
Crypto markets jumped with the news, as top cryptocurrency Bitcoin pumped +7%.
This triggered a wave of traction for Bitcoin off-shoot and hardfork projects such as Bitcoin SV and BTC20.
BSV Price Analysis: Is it Too Late to Buy Bitcoin SV?
Amid the sudden rally, Bitcoin SV is pushing up in the descendant trading channel, with a current market price of $32 (representing a 24-hour change of -3.3%).
The retracement move comes following the shock +10% rally on August 29, which saw BSV reclaim critical footing atop the 20DMA.
Despite the 03.3% retracement, Bitcoin SV price action remains in strong technical form retaining the support of the 20DMA.
However, a ceiling of localised resistance stemming from the 200DMA appears to have slammed the brakes on the upside swing.
The news couldn’t have come at a better time for BSV, which was facing a tumultuous downside move, triggered after almost a month of failed testing at the 200DMA throughout July.
Now once again poised for a re-test, all eyes are on the 200DMA to see if Bitcoin SV can break high.
There could be a more immediate need to consolidate first, securing the foothold above the 20DMA, and this is reflected in the rapid heat-up on the RSI, which now stands at 49.51.
The MACD reflects this cautiously bullish sentiment with divergence at 0.39.
Overall, the sudden +10% pump for BSV appears to have recovered technical form, poising Bitcoin SV to resume upside after a short period of consolidation.
This leaves BSV with an upside target above the 200DMA at $40 (a potential +21.7%).
While downside risk remains significant here, with a retracement move likely to catch support at $26.50 (a possible -19.35%).
Bitcoin SV therefore has a risk: reward ratio of 1.12 – a mediocre entry – highly dependent on the 200DMA price level.
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