Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy

While Bitcoin price might not have been able to note a rise over the past day, its namesake is making the most of the relatively calm market. Bitcoin SV price shot up significantly after a major development in the network’s ecosystem took place over the past few days.

Bitcoin SV price to breach key barrier

Bitcoin SV price hit $41.7 at the time of writing, suggesting a bullish trading session for the altcoin. This added to the gains noted over the past 24 hours, bringing the total increase to almost 30%, eyeing the barrier at $42.4. This line has been tested in the past as both support and resistance and flipping it into support would imbue bullishness into the altcoin.

Not only would BSV mark a two-month high, but it would also set the altcoin up for a potential rise to the 2023 high of $50.

However, the Relative Strength Index (RSI) is well into the overbought zone above the 70.0 mark, which suggests that the market is overheated right now. This would warrant a cool down, which historically has been accompanied by corrections. This could bring BSV to test the support at $35.7.

BSV/USD 1-day chart

However, losing it would invalidate the bullish thesis, setting the altcoin up for a major crash that could wipe out a chunk of the recent 38% rally.

Volatility stands to be a threat

The chances of a decline are not minimal as the volatility of the Bitcoin SV market is pretty high at the moment. High volatility usually leads to price swings in either direction and given the observation made on RSI, the likely direction a swing would be in is bearish, given the indicator is at a near three-month high.

Bitcoin SV volatility

One of the biggest reasons behind both - the bullishness as well as the rise in volatility is the resignation of Christen Ager-Hanssen. Ager-Hanssen was the Chief Executive Officer (CEO) of nChain, the platform behind the Bitcoin SV token. In a post on X, formerly Twitter, the former executive stated,

“I can confirm I have departed from nChain as its Group CEO with immediate effect after reporting several serious issues to the board of nChain Group including what I believe is a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder.”

Furthermore, Ager-Hannsen also stated that he had found compelling evidence that confirmed that Dr Craig Wright had manipulated documents in order to deceive the court that he was Satoshi Nakamoto, the creator of Bitcoin. He added that since the board did not pay heed or take action, his job became untenable, resulting in his resignation.

The market responded positively to this development, the effects of which can be seen in the price action.