The Bitcoin SV price strong bullish momentum has faded. The BSV token is trading at $167, which is about 9.7% below the highest level this year. This decline brings the total market value of the Bitcoin Cash spin-off to more than $3.3 billion. It is the 42nd biggest cryptocurrency in the world.
What is Bitcoin SV?
Bitcoin SV is a cryptocurrency that tracks its roots to the original Bitcoin. Bitcoin, which was created by Satoshi Nakamoto in 2008 has always had its challenges. Some of the most popular challenges are the relatively high fees, slow speed, and scalability.
Over the years, participants in the network have always had the desire to solve some of these challenges. This is the main reason why the network has had several hard forks. The most consequential hard fork was the one that led to the introduction of Bitcoin Cash.
Bitcoin SV came up as a result of a hard fork of Bitcoin Cash. The fork was led by Craig Wright, an Australian programmer who has claimed to be the real Satoshi Nakamoto. Its goal is to increase the overall speed of blockchain technology.
However, Bitcoin SV has always been controversial. For one, it is a risky platform that is popular with the so-called 51% attacks. At the same time, the controversial nature of Craig Wright has pushed more exchanges to delist it. Some of the leading exchanges that don’t support it are Binance SV, Kraken, Coinbase, and ShapeShift, among others. So, what next for the Bitcoin SV price?
Bitcoin SV price prediction
The four-hour chart shows that the BSV price has been in a strong bullish trend recently. This upswing pushed its price to $185.53, which was about 68% above the lowest level in July. Most notably, the coin recently moved above the important resistance at $175.48, which was the highest level on August 16. BSV has also risen above the 25-day and 50-day moving averages.
The current decline seems to be because of profit-taking. It also appears like because of profit-taking. Therefore, the coin will likely resume the bullish trend. This view will be confirmed if the coin manages to move above the key resistance at $175. On the flip side, a drop below $160 will signify that the bullish trend has ended.