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Craig Wright has failed to defend his Bitcoin copyright suit in the UK court - 2
BSV is currently in a consolidated trend but may see a breakout in future. It has seen a gain of 1% in the BTC pair
Bitcoin SV is a cryptocurrency which emerged as a result of a hard fork from the original Bitcoin Cash blockchain in 2018. The hard fork was caused by a disagreement within the Bitcoin Cash community about the direction of the platform and the size of its blocks. One of the key differences between Bitcoin SV and other cryptocurrencies like Bitcoin and Ethereum is its approach to scaling. This focus on scalability has made Bitcoin SV a popular choice for businesses looking. Bitcoin SV also supports smart contracts and decentralized applications, which allow developers to build and deploy their own decentralized applications on the network. Despite its focus on scalability and speed, Bitcoin SV has faced its fair share of challenges. Recently Craig wright has failed to defend his copyright suit in the UK court.
Bitcoin SV has seen a drop of 17% in volume in the intraday session. Volume of BSV across the exchanges is low as compared to others. Volume to market cap ratio of BSV suggests a consolidated trend in price.
Will BSV Price Break The Consolidation?
Bitcoin SV price has been in a consolidation for a long time but may observe a breakout. BSV is currently trading near the value of $41 with a gain of 1.2% in the intraday session.The upside trend of Bitcoin SV can see a halt near $50.Meanwhile the support of the asset price can be seen near $30.It is currently trading below the 50 and 100 Daily Moving Average. If there is a negative crossover then a downside momentum can be seen. It is moving in a strong supply zone which can see a breakout to a new low.Various analysts are hoping for an upside move in Bitcoin SV.
RSI of the BSV is near 44 suggesting its presence in the neutral zone.There is no slope in the RSI suggesting a consolidation in the asset price.
Conclusion
Bitcoin SV maker Craig wright has failed to defend his Bitcoin copyright in UK court.It is currently in a consolidation but may see a comeback in the future.
Technical Levels
Major Support:$30
Major Resistance:$50
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/26/bitcoin-sv-price-prediction-will-bsv-achieve-the-100-target-in-2023/