- Bitcoin SV is vulnerable to the downside correction as the coin is grossly overbought after a sharp rise to $195.
- The excitement created by Craig Wright's copyright news might be fading away.
Bitcoin SV (BSV) experienced a strong rally on Tuesday and extended the upside on Wednesday morning. The 11th largest coin with the current market capitalization of nearly $2 billion has grown by over 73% in recent 24 hours and hit a new all-time high at $195.00 during early Asian hours. An average daily volume also exploded and exceeded $800 million, which is four times bigger than on average. At the time of writing, BSV/USD is changing hands at $115.00.
As it was previously covered, BSV's rally might have been inspired by the news that Craig Wright had secured Bitcoin's Whitepaper registration copyright. While many community members believe that the copyright claim is somewhat ridiculous, it produced a viral effect. Meanwhile, an article published by Coingeek inflated its importance, stating that Craig Wright had confirmed his status as Bitcoin creator.
Whether the move is just a FOMO effect or a real shift in the attitude remains to be seen. However, looking technically, BSV/USD is vulnerable to the downside correction as the g=coin is grossly overbought. The first critical support lies with $100.00 handle. Once it is cleared, the sell-off is likely to gain traction with the next focus on $85.00 and $75.50 (Simple Moving Average (SMA)50 1-hour).
BSV/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.