The second largest Bitcoin fork rose today to a daily high of nearly $200. Just yesterday, its price was $150.
Yesterday, much of the crypto market also generated gains, but not at all comparable to what happened with the BSV, with a bullish daily candlestick capable of enveloping the bearish intent of almost a whole month.
This rise added nearly $40 billion to the capitalization of Bitcoin Satoshi Vision, causing the price to rise by just over 30%.
Today we see it retreating, but there is no doubt about the strength of the bulls to put pressure on the support levels being visited.
Binance is the main miner of Bitcoin SV
Bitcoin SV’s small capitalization allows for price increases like yesterday’s
Compared to Bitcoin, its forks are considerably smaller in terms of market capitalization. This generates an environment of little stability, where income of money, like what happened yesterday with Bitcoin SV, causes strong volatility in the price.
With a market cap of over $170 billion, it’s hard to move at the price of Bitcoin, and the larger the market, the less volatile it is. As is the case with gold, with a market cap of over $7.5 trillion. BSV’s is just USD 3.374 billion.
Why is the Bitcoin SV Roadmap private?
Technical analysis of the BSV price
After reaching a daily high of USDT 199, the price was hampered by resistance at USDT 193.25, which started a reversal, now in development.
Yesterday’s Bitcoin Rush rally began after repeatedly rejecting a demand zone between USDT 145 and USDT 156.
With this sudden price recovery, there is no doubt that the bulls have taken control in the short term.
The 8-day EMA and 18-day SMA moving averages crossed upwards, and could be functioning as dynamic supports in the midst of the ongoing price decline.
The 200-day SMA is still bearish, and it will work as an important resistance in the middle of the bullish attempt we see today.
Above, there are several relevant supply zones that the price will have to fight with if it really wants to increase significantly, as the medium term trend is still down.
The 8-week EMA and 18-week SMA moving averages are crossed to the downside. This week’s candlestick is trying to break them, but there are still several days ahead, so it is not yet a good bullish signal for the medium term.