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Bitcoin SV Poised for a Breakout Amid Craig Wright's New LawsuitBitcoin SV ( AMEX:BSV ) has been making headlines once again, largely thanks to the latest controversial actions of its most vocal proponent, Craig Wright. The Australian scientist, who has long claimed to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is back in the limelight with a new lawsuit. This time, Wright is suing Bitcoin Core developers, insisting that Bitcoin SV is the true embodiment of Bitcoin, and seeking a staggering £911 billion in damages. As the legal battle unfolds, the market has taken notice, with BSV’s price seeing a modest 3% rise. But what does this mean for Bitcoin SV ( AMEX:BSV )? Craig Wright Claims Bitcoin SV is the True Bitcoin Craig Wright’s lawsuit targets Bitcoin Core developers, accusing them of altering Bitcoin’s original protocol with updates like SegWit and Taproot, which he claims have strayed from the original vision set out in the Bitcoin whitepaper. Wright argues that Bitcoin SV (BSV) remains faithful to the initial protocol, positioning it as the true representation of Bitcoin. However, this lawsuit follows a series of legal losses for Wright, most notably a ruling by the UK High Court that discredited his claims of being Satoshi Nakamoto. Despite this, Wright presses on, asserting that Bitcoin SV’s undervalued market position is a result of these misrepresentations by Bitcoin Core developers, which he believes justifies his demand for £911 billion in damages. Legal Controversy: Community Reaction Wright’s lawsuit has been met with a mix of skepticism and criticism from the broader crypto community. Prominent figures, including Hodlonaut, who previously won a defamation case against Wright, have mocked the legal action. Hodlonaut sarcastically suggested that Wright might be using AI tools like ChatGPT to craft his claims, reflecting the broader sentiment that many in the community consider his actions to be legally and factually baseless. Bitcoin SV Price Reaction: Small Gain Amid Legal Drama Despite the controversy, Bitcoin SV’s price saw a 3% jump in the last 24 hours, trading around $51.23 with a 25% decrease in trading volume, signaling that while the market is reacting, the enthusiasm is not overwhelming. The price touched a daily high of $51.91, showing that some traders may be betting on a bullish outcome. However, with skepticism surrounding Wright’s claims, many are cautious about any long-term bullish sentiment based solely on the lawsuit. Open interest in BSV ( AMEX:BSV ) futures has also risen by nearly 5%, indicating growing interest in the token despite—or perhaps because of—the legal drama. Whether this interest will translate into sustained gains remains to be seen, but the increase in futures activity suggests that traders are closely watching the situation. Technical Outlook: Is BSV Poised for a Breakout? From a technical perspective, Bitcoin SV ( AMEX:BSV ) appears to be on the verge of a potential breakout. Currently trading above key moving averages, BSV’s RSI (Relative Strength Index) stands at 60, signaling that it’s neither overbought nor oversold, leaving room for further gains. Immediate resistance is pegged at $55, a critical pivot point that could determine the direction of the next major move. If BSV ( AMEX:BSV ) manages to surpass this level, it could trigger a rally toward its next target of $115—a level that aligns with the highs from March 2024. Such a move would mark a significant recovery for BSV ( AMEX:BSV ), which is still far below its all-time high of $423. On the downside, support is currently set at $48, which could offer a favorable entry point for buyers looking to capitalize on a potential bullish run. If BSV ( AMEX:BSV ) dips to this level, a consolidation phase could occur before the token regains momentum. What’s Next for BSV? While the technical outlook for BSV ( AMEX:BSV ) is promising, the token’s future largely depends on the broader adoption and community sentiment surrounding Wright’s claims. As the crypto community continues to question Wright’s legal tactics and assertions, any further developments in his lawsuit could either boost or hinder BSV’s price action. For now, traders seem cautiously optimistic, with the potential for gains in the near term. However, given the controversial nature of Craig Wright’s involvement, Bitcoin SV’s trajectory is far from guaranteed. The next major move could be heavily influenced by external factors, including the outcome of the lawsuit, market sentiment, and overall crypto market conditions. Conclusion Bitcoin SV ( AMEX:BSV ) is trading at a pivotal point, both in terms of price action and its place in the broader crypto narrative. Craig Wright’s continued legal battles have put the token in the spotlight, but whether this attention will translate into long-term gains remains uncertain. For now, the technical indicators suggest a possible breakout, but traders should proceed with caution, keeping an eye on both the charts and the unfolding legal drama. If BSV ( AMEX:BSV ) can overcome its immediate resistance levels and break free from the shadow of controversy, it may see a resurgence, but it will need more than just legal headlines to reclaim its former glory.
Long
by DEXWireNews
BSVUSD - Cheap Bitcoin @ $43.30For the majority of August, AMEX:BSV has been trading in discounted territories based on the monthly dealing range high and lows @ $57.23 - $32.52 with there only being two days throughout the month seeing the daylight of premium prices. This insinuates that smart money sellers are profiting more than the buyers this month, with this period in time being the best time to close out their short positions and wait for premium prices. CRYPTOCAP:BTC and AMEX:BSV tend to move in-tandem to each other so if my CRYPTOCAP:BTC bullish bias plays out going into next week (please refer to my most recent CRYPTOCAP:BTC analysis), it will strengthen the narrative of relative equal highs located above the $44 region being attacked with the goal of repricing up to the last up-close candle (deemed as a rejection block) @ $45.87 Set your alert for $44.91. This is Equilibrium Any price above is a discount This is a good chance for aggressive scalpers to yield a potential 12%* (accounting for a short-term pullback into the daily SIBI that has been rebalanced) I don't want to see price close below $39.93 going into next week as it will be back to the drawing board
Long
by LegendSince
Bitcoin SV Down 22% As Court Rules Out Against Craig Wright BSV fell hard after the UK courts declared Craig Wright not to be Satoshi Nakamoto, but the AMEX:BSV faithful remain defiant. Bitcoin SV ( AMEX:BSV ) has plummeted 13.87% over the last day after a UK court ruled out Craig Wright not being the pseudonymous Bitcoin creator Satoshi Nakamoto and not writing the leading cryptocurrency’s whitepaper. Coupled with a broader downturn in the cryptocurrency market, it's been a rough week for the Bitcoin variant. Also known as Bitcoin Satoshi’s Vision, AMEX:BSV was trading around $113 on Thursday as the court case between Wright and the Crypto Patent Alliance (COPA) concluded. BSV saw its largest drop in months after U.K. Judge James Mellor ruled that Wright is not the pseudonymous Bitcoin inventor Satoshi Nakamoto. Following the ruling, AMEX:BSV has fallen below $89 as of the time of writing, marking a 22% drop since the decision was announced. Launched in November 2018, Bitcoin SV ( AMEX:BSV ) poised to follow Satoshi Nakamoto's original vision for Bitcoin as a peer-to-peer electronic cash system. It resulted from a hard fork known colloquially as “The Hashwar” from Bitcoin Cash ( SET:BCH ), itself a hard fork from Bitcoin ( CRYPTOCAP:BTC ) over a dispute about block sizes and scalability. AMEX:BSV ’s price dump came as a shock, because it was only in December that AMEX:BSV was trading at similar levels, so the drop may also be a correction after recent gains. The timing of the plunge alongside the court ruling certainly suggests that it played a factor, however.
by DEXWireNews
BSV ANALYSIS There has been a sharp upward movement and this movement has ended from where we entered start on the chart and the correction has started from this point. It seems that our movement is a diametric. We have identified the first serious supply on the chart and it is expected that wave d will end in this range and then we will enter wave e. We specified the targets on the chart. We specified the invalidation level on the chart. Closing 1 daily candle above this level will violate the analysis For risk management, please don't forget stop loss and capital management When we reach the first target, save some profit and then change the stop to entry Comment if you have any questions Thank You
by behdark
3
BITCOIN SV - Weekly Only If 99% Of People Knew...OKX:BSVUSDT is the dark horse of the 'crypto' market, with many calling it a scam, fraud and whatever else and this WILL be something I talk about in detail another time. Today, due to it being the 1st ever OKX:BSVUSDT analysis, i will keep this one short, sharp and sweet so we all have targets to focus on this week. Before i go into the intricacies of the multi-timeframe for OKX:BSVUSDT , it must be noted that whatever CME:BTC1! does, the WHOLE market tends to follow through, including $OKX:BSVUSDT. The difference with OKX:BSVUSDT and CME:BTC1! in terms of price action is whenever CME:BTC1! pump in price, we do not see a sudden increase unlike cryptocurrencies like CME:ETH1! $COINBASE:LTCUSD. It's tricky to spot but if you have been observing the scene for over one year religiously, you will notice that one of the Bitcoins will tend to frontrun the other, usually it being BITSTAMP:BTCUSD taking the lead. From the beginning of 2023 to the ending of 2023 has been an absolute rollercoaster with continuous bearish prices until the low was formed on Saturday 10th June 2023 @ $15.70. Imagine how many Bitcoin's you could've bought for $15!!?? From when the low was created, we have been on a steady incline to the upside, running on daily highs in early July before two monstrous bullish candles clocking in at 53.73% and 19.61% candle wiped out most short term traders and this realllly got the party started! Ever since then, we have witnessed a minor retracement (i meannn, in comparison of the 73% pump within 2 days) so the areas that i am looking out for is the bullish order block that is highlighted in red around the $90 region if CME:BTC1! is to run to $50,0000 - $52,000. Area highlighted in gold is the monthly timeframe and represents the bullish fair value gap created, which is being respected and acknowledged. If the lows of the monthly fair value gap is broken, there's a good chance the weekly fair value gap will be the next area short sellers are willing to draw on liquidity which is located between $35 - $44. I won't lie, i hope it does get down to that level because i ain't done buying! My philosophy is simple... Fortify Michael J Huddlestone's concepts that I have studied to consistently predict where the market is more likely to go. This includes; - Market Structure - Buyside/Sellside Liquidity - Order Blocks - Liquidity Voids - Fair Value Gaps - Optimal Trade Entry - Premium/Discount Array - SIBI/BISI - Many More! The strategies mentioned here are some of many that I use to implement into my analysis and over time, with consistency I aim to achieve a high degree of accuracy in the markets with the foresight and understanding to assess what went wrong when my bias is negated. Credits; - Michael Joe HUDDLESTONE - Shawn Lee POWELL - Toray KORTAN
by LegendSince
3
BSV Delisting Spurs Controversy and a Surprising BSV Price SurgeCoinbase Global Inc. has officially cut ties with Bitcoin SV ( AMEX:BSV ), announcing the immediate deprecation of support for the controversial cryptocurrency. The decision comes after months of warnings to users, urging them to withdraw their AMEX:BSV holdings. This move adds Coinbase to the growing list of cryptocurrency exchanges delisting underperforming or controversial tokens, a trend that has significantly impacted the industry in recent years. The Coinbase-BSV Saga: Coinbase's decision to sever its relationship with AMEX:BSV dates back to 2021 when the exchange delisted the token due to multiple protocol attacks and controversies surrounding Craig Wright, one of the self-proclaimed inventors of Bitcoin. However, the recent move is more than just a delisting; it's a complete withdrawal of support, leaving Coinbase users unable to access, withdraw, or deposit AMEX:BSV on the platform. Liquidation Concerns and Market Impact: The announcement has raised concerns among Coinbase users who failed to heed the earlier warnings. Any AMEX:BSV holdings that remained on the exchange after the cutoff date have been liquidated and converted to the market equivalent of another supported cryptocurrency. While users will receive the value of the new crypto, minus transaction costs, the unexpected conversion has sparked worries about potential taxation implications for those caught off guard. Delisting Trend in the Crypto Industry: The decision to delist struggling tokens is becoming a prominent trend in the cryptocurrency industry. Similar instances, such as the delisting of Ripple-associated coin XRP over three years ago, occurred due to regulatory hurdles against the coin. In XRP's case, the United States Securities and Exchange Commission (SEC) brought an enforcement action, labeling XRP as an unregistered security. This move triggered a domino effect as several major exchanges, including Coinbase and Binance, decided to remove XRP from their platforms. AMEX:BSV 's Resilience Amidst Delisting: Despite the delisting news, Bitcoin SV has shown unexpected resilience in the market, experiencing a 2.7% surge at the time of writing, reaching $72.74. This surprising price movement suggests that the delisting may not have a uniformly negative impact on AMEX:BSV 's community and market sentiment. Impact on Coinbase's User Base: The delisting of AMEX:BSV raises questions about the potential impact on Coinbase's user base. Some users may choose to migrate to other platforms where AMEX:BSV is still supported, potentially affecting Coinbase's market share. This move prompts a broader discussion about the delicate balance that cryptocurrency exchanges must maintain between ensuring user safety and navigating the volatile landscape of digital assets. Conclusion: Coinbase's bold decision to officially pull support for Bitcoin SV adds another chapter to the ongoing narrative of exchanges delisting underperforming or controversial tokens. The unexpected resilience of BSV's price amidst the delisting raises intriguing questions about the dynamics of community sentiment and market reactions.
Long
by DEXWireNews