Bitcoin SV gives up pre-halving gains to trade below $200.00

SBI Holdings sees its share of Bitcoin SV grow

According to the data provided by the cryptocurrency analytical portal CoinDance, the share of Bitcoin Satoshi’s Vision (BSV) mining pool belonging to SBI Holdings increased from 4.4% to 15.28% in a matter of days after the coin's first halving that took place on April 10. 

SBI Holdings is a subsidiary of a Japanese financial giant, allegedly tied to self-proclaimed Satoshi, Craig Wright. He was the initiator of Bitcoin Cash (BCH) hard-fork that resulted in the creation of a new coin now known as Bitcoin SV. Meanwhile, Yoshitaka Kitao, Chief Executive Officer (CEO) of SBI Holdings, is known for his friendship with Wright, who backs BSV. 

Currently, Bitcoin SV (BSV) is the sixth-largest digital asset with the current market value of $3.38 billion and an averaged daily trading volume of $2.7 billion. The coin has been largely criticized for its vulnerability to attack 51%.

BSV/USD: Technical picture 

On the daily chart, BSV/USD recovery was stopped by SMA100 at $227.00 on April 9. Since that time the coin has lost nearly 20% of its value to trade at $185.00 by press time. The strong support is created by daily SMA200 at $166.60. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $150.00 and $146.20 (the previous correction low). This area is reinforced by weekly SMA50. It is likely to slow down the bears and serve as a jumping-off ground for a new recovery wave, provided that there are no major shocks on the market.

On the upside, a sustainable move above the psychological resistance of $200.00 will allow for an extended recovery towards $215.00 (the sloping trend line on the daily chart) and $227.00 (the previous recovery high). The next major upside target is $300.00.

BSV/USD weekly chart