The Bitcoin SV price has bounced back in the past few days after it crashed hard during the weekend. BSV is trading at $148, which is about 78% above its lowest level during the weekend. Its market capitalization is at $2.77 billion making it the 62nd biggest cryptocurrency in the world.
Bitcoin SV is a blockchain project that emerged from a hard fork of Bitcoin Cash in November 2018. This fork came about after disagreements emerged in the community about the block size.
The Bitcoin Cash camp wanted the block size to remain at 32 MB while the Satoshi Vision (SV) wanted it to increase to 132 MB. The SV camp was led by Craig Wright, the Australian programmer who says he was the founder of Bitcoin.
Like all cryptocurrencies, the Bitcoin SV price jumped in the first part of this year. At its peak, the BSV price was at almost $500. This gave it a market capitalization of almost $5 billion. Today, the price is about 70% below its all-time high.
During the weekend, the coin’s price declined sharply as investors continued to worry about the hawkish Federal Reserve. Indeed, in the past few weeks, cryptocurrencies have shed more than $600 billion of value.
The daily chart shows that the BSV price has moved sideways in the past few weeks. The price is trading at $148, which is along the 25-day moving average. The coin is also between the key support and resistance levels at $110 and $200.
Therefore, even after the current bounce, the Bitcoin Cash price will likely remain rangebound for now. The key level to watch will be the weekend low at $80. A drop below this level will mean that bears have prevailed, which will push the coin lower. The other key level to watch is at the resistance at $200.
This post was last modified on Dec 07, 2021, 04:46 GMT 04:46