Bitcoin SV (BSV) gained nearly 50% on Friday and advanced to its highest level since July after news of Craig Wright submitting legal papers in a court case to reveal that he is managing a trust called ‘Tulip Trust III,’ which reportedly holds up to $10 billion worth of Bitcoin, created speculation that Wright could
BSV rose from $115 to $175 in a single day and now seems to be staying in a consolidation phase near $170. Investors will be keeping a close eye on fresh developments surrounding the self-proclaimed Bitcoin creator Craig Wright. The fact that the pair hasn’t yet staged a deep correction supports the view that investors are staying on the sidelines for the time being.
BSV/USD daily chart
Bitcoin SV rally has reversed as it was based on shaky foundation
- Bitcoin SV rally might have been caused by dormant accounts.
- BSV/USD has retreated from the recent highs amid technical correction.
Bitcoin SV has been all over the place since the beginning of January. Craig Wright’s saga set the speculative ball rolling, while pump created by lo liquid exchanges helped to create a FOMO (Fear of Missing Out) and push the coin from $116 to above $458 in a matter of four days.
Another take at BSV rally
Analysts of Amun Research pointed out to network fundamentals that might have caused BSV rally among other reasons. Thus, the research revealed that the spike might have happened due to a large number of dormant accounts. The experts found out that a lot of BSV holders did not have access and not claimed their coins since they obtained them.
Also, they estimated the average time investors had held onto Bitcoin and BSV, before initiating a transaction. This metric is known as “Dormancy” allows evaluating the holding habits of BSV investors.
“All things being equal, the higher the dormancy the older coins are being transacted on that day for BSV than BTC, which in turn means that longer-term investors of BSV are releasing their coins into circulation at a higher rate than that of BTC currently.”
BSV/USD: technical picture
The coin has recovered from the intraday low of $275, the market is still dominated by bearish sentiments as long as the price stays below $300. This psychological barrier is reinforced by SMA50 4-hour and the upper line of 4-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $330 ( the upper line of 4-hour Bollinger Band) and $400.
On the downside, a sustainable move below the Asian low of $275 will open up the way towards the recent recovery low of $236 hit on January 19. If it is broken, a psychological $200.00 will come into focus.
BSV/USD 4-hour chart
Bitcoin SV Price Analysis: BSV/USD continues to surge up, $350 in sight once again
- BSV/USD went up from $250 to $316 over the last four days.
- BSV/USD has already charted the golden cross pattern in the daily chart.
- Craig Wright revealed that he has gained control over his Bitcoin holdings.
BSV/USD daily chart
BSV/USD is well on its way to charting a fourth straight bullish day. Over the last four days, the price spiked from $250 to $316, which is a 26.4% increase in price. The bulls will definitely aim to re-enter the $350-level. The 20-day Bollinger band has widened enough for BSV/USD to go
Wright recently informed the United States District Court of the Southern District of Florida that he has gained control of the private key needed to unlock the encrypted that contains a full list of his Bitcoin holdings. Wright told Cointelgraph:
I’m 99.9999 and a few more 9s percent certain that I will be taking control of my BTC and whatever else.
Bitcoin SV Recovers Smartly after A Sharp Fall
Bitcoin’s most controversial fork Bitcoin SV (BSV) recovered smartly after crashing by 17% yesterday. The coin’s fall coincided with a legal case related to one of its main proponent’s Craig Wright.
Failure to prove things
Craig Wright is one of the most polarizing figures in the cryptocurrency industry. He has frequently called himself the real Satoshi Nakamoto, a claim that several other big names in the industry have trashed since then. He recently failed to prove that he has private keys that give him access to about $9 billion worth of Bitcoins.
Wright previously promised to prove that he is Satoshi Nakamoto, the famous yet anonymous creator of Bitcoin. He said that he controls the funds that should ideally belong to Nakamoto. After he made these promises, Bitcoin SV’s price started moving up and reached an all-time high of $436.
Wright brought his evidence as a “bonded courier” but his lawyer said that it didn’t contain any information related to private keys. Andres
Bitcoin Cash moves up
After the inglorious fall of Bitcoin SV, Bitcoin Cash (BCH) is the fourth-largest cryptocurrency in the market again. Bitcoin SV has slipped to number 5. Note that Bitcoin Cash and Bitcoin SV are forks of the original Bitcoin Cash blockchain. Bitcoin SV’s fortunes now seem tied completely with the debate that Wright is the real Nakamoto.
Bitcoin Cash, on the other hand, is moving ahead with its development which has helped it remain relevant in the market. While BSV was falling, BCH gained 7%. Last year, several crypto exchanges removed Bitcoin SV from their platform, which shows a lack of trust in the project.
Dash (DASH) which gained steam unprovoked alongside BSV lost its steam. Its price dropped 15%.