Breaking: $BSV Spike 38% Today Amidst Breaking out of A Pennant The price of Bitcoin forked token called Bitcoin SV ticker name ( AMEX:BSV ), saw a notable uptick of about 38% today amidst breaking out of a falling wedge with current market metrics hinting at another leg up.
What Is BSV?
Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which had in turn forked from the BTC blockchain a year earlier following the blocksize wars.
BSV claims to fulfill the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software and known Satoshi writings. BSV aims to offer scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system, as well as deliver a distributed data network that can support enterprise-level advanced blockchain applications.
Technical Outlook
Since April high of 2021, that saw the asset deliver a stunning 826% in gains, the asset quickly retraced losing about 94% of market value for over 4 years now. The rise in price today is integral for AMEX:BSV in order to bring back life to the project as the altcoin has been mute lately with no on chain development or ecosystem growth.
However, present market metrics shows we might experience a brief respite before another leg-up as the asset is oversold as hinted by the RSI at 92. Our next support is the $40- $37 zone.
