Bitcoin Satoshi Vision (Bitcoin SV) has enjoyed a short-lived rally over the past month, after nearly two years of slump, but will the recovery falter or fail?
Launched in 2018 as a hard fork of Bitcoin Cash, Bitcoin SVwas originally launched with the promise of bringing Bitcoin technology closer to the original ideas of the pseudonymous founder Satoshi Nakamoto.
Yet despite the ambitious launch, which boasted one of the fastest ledgers in the space with the ability to process more than 50,000 transactions per second, things have been bleak.
Legions of holders have endured more than two years of downward price action since the heights of May 2021.
Bitcoin SV Recovery: Sink or Swim?
But in a recent reversal to two years of decline, there has been a brief bullish pause over the past month, with a surprising +120% recovery at the end of June.
Price action rallied dramatically, to touch strong resistance at $55, a level not seen since September 2022 (pre-FTX saga).
But the strong resistance at this level rejected the price action, sending the BSV price down -35% to the support at the 200 DMA for the past two weeks.
With Bitcoin SV now trading at $36.50 (+1.39% since market open), many are wondering if BSV is destined to hit zero.
In fact, now under a ceiling of localized resistance from both the 20DMA and 200DMA, the price action will have a hard time going higher once again.
And despite the emerging consolidation pattern over the past 4 days, BSV indicators provide little reason to be happy.
The RSI is still near 45, showing little ability to move higher, and worse yet, the MACD shows minor bearish divergence at -1.19, adding to the idea that BSV is heading once again higher. the South.
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