By CCN: The holders of Bitcoin SV tokens looked like they were going to have a difficult time after correcting as much as 56-percent to the downside last week.
But the price rallied and produced up to 34.76-percent gains in a pump that began on Sunday at 1300 UTC. The asset’s recovery brought its net market capitalization close to $2.08 billion, noting almost a 100-percent growth in a week. Meanwhile, the BSV-to-dollar exchange rate too established a fresh intraday high at $121 on Huobi, up 28.2-percent on a 24-hour adjusted timeframe.
The Bitcoin SV market hosted over $500 million worth of volume in the past 24 hours, trading maximally against the South Korean Won, Tether’s stablecoin USDT, and Bitcoin’s BTC. Multiple exchanges appeared to have higher BSV-enabled trading activities than others, especially Upbit, whose executives were indicted of wash trading in last December.
The Bitcoin SV price rally accompanied a similar sentiment across the cryptocurrency board, especially the top ten index. Bitcoin, the world’s leading cryptocurrency, on Monday broke above a strict resistance zone near $8,000 to establish a fresh 2019 bitcoin price high at $8947.88.
Litecoin, the fifth largest in the same list, climbed 12.55-percent at the same time to settle its yearly peak. Other influential cryptocurrencies, such as Ethereum, XRP, Bitcoin Cash, and EOS, too noted winnings between 7- and 10-percent. Only Binance Coin was the weakest with its relatively lower but individually attractive intraday gain of 1.24-percent.
The BSV price rally also followed Dr. Craig S Wright’s latest anti-bitcoin rant. As CCN covered here, the Bitcoin SV founder said that bitcoin would disappear in moments because of its criminal tendencies.
“If Bitcoin or any other monetary system seeks to act outside the rules, it becomes an outlaw system, and once it does, it is easy to stop,” said Dr. Wright.
The Bitcoin SV market enjoyed a mindless price bump of 200-percent last Tuesday after Calvin Ayre, Dr. Wright’s close associate, claimed the US copyright office had accepted the scholar’s claim of being Satoshi Nakamoto, the mysterious Bitcoin creator. Nevertheless, the concerned authorities later clarified that anybody could file a copyright claim over bitcoin, stating that they do not recognize “anyone for anything.”
It is evident that Bitcoin SV fans took Ayre’s dramatic declaration on the heart and pumped the market. And Dr. Wright’s latest claim of destroying bitcoin must have served the prevalent fantasies to another extent, as visible in the tweet below.
CSW warned us he'd take BTC price down from the long-trusted support level at 6000 just before he did it.
— undervalued_altcoins (@undervalued_alt) May 26, 2019
CCN earlier noted an unconfirmed bull-flag scenario for Bitcoin SV. The past week’s consolidation action confirmed that it was a falling wedge instead, the outcome of which typically is a breakout to the upside. And so it was, as shown in the chart below.
Nevertheless, the upside breakout still needs to jump above a few resistance levels to confirm its long-term bullish bias. The BSV-to-dollar rate is now flirting with $112.75 as its interim resistance/support. A continued upside swing would bring day traders’ temporary long position to $128.48, while high volumes could also influence them to extend their target to as far as $144.20.
Meanwhile, a close below $112.75 could open a decent short opportunity towards $90.36.
Overall, the bitcoin SV rally has borrowed its fat from a $55 copyright application. It is difficult to tell how long can such a fundamental hold itself.
Click here for a real-time bitcoin SV price chart.