BSV has broken a bearish trend amid the general recession in the crypto market and has posted notable gains in the past 24 hours. Bitcoin SV (BSV) posted an 8% price increase over 24 hours, while Bitcoin succumbed to bearish pressure and fell almost 3% today, October 3.
Following today’s rise, BSV is now trading at $40.4, which represents an increase of 8% in the last 24 hours. Moreover, the token has registered a rise of over 31% in seven days, regaining over 34% of the gains made over the past month.
These notable moves confirm the current dominance of buyers in the BSV market. However, how long can BSV sustain this rally given the bearish state of the overall crypto market? What factors caused this dramatic wave? Let’s find out.
Bitcoin SV Price Surges Amid Controversy Surrounding CEO Resignation
BSV price gains correlate with the suddenness dismissal from nChain CEO Christen Ager-Hanssen on September 29. nChain is a company that offers blockchain-based services related to the BSV chain. The former CEO, Ager-Hanssen, immediately announced his departure from the group on September 29.
Ager-Hassen mentioned that he reported several issues to nChain’s board, including a conspiracy to defraud shareholders. Him too declared that a major shareholder orchestrated the conspiracy.
He further claimed to have found evidence that BSV creator Dr. Craig Wright had manipulated documents to deceive the court that he was Satoshi.
However, Bitcoin SV’s supporter Calvin Ayre judgementthe departure of Anger-Hanssen. According to Ayre, Anger-Hanssen has never run a successful business and is lying to steal assets
Notably, Bitcoin SV came to life after nChain released a statement that Stefan Matthews would be taking over as acting CEO.
Recent tweet from Bitcoin’s suspected founder increases investor sentiment on BSV
Another event that took place around BSV was on October 2, 2023, tweet from an account claiming to be Bitcoin founder Satoshi Nakamoto. Interestingly enough, the last tweet of this account was on October 31, 2018.
According to a recent tweet, Nakamoto declared that Bitcoin is a predicted machine. He revealed his desire to explore other aspects of the project not covered in the whitepaper.
The tweet provoked positive reactions, with an user stating that the first post since 2018 has to mean something. Because Bitcoin BSV is believed to align with the original Bitcoin vision, it benefited from this sentiment. The responses have likely boosted investor confidence, leading to massive demand for tokens and the current 8% increase.
Although the real identity of Satoshi Nakamoto and his involvement in this saga remain a mystery, these controversies had a positive impact on BSV’s price.
What next for BSV?
BSV turned the $32.6 resistance into support to form a large green candle on October 2. It is facing the next resistance at the $40.4 price level. A break above this level is likely to send BSV towards $42.
As the Relative Strength Index (RSI) indicator is in overbought territory at 81.9, it confirms the strong buying pressure pushing BSV higher. Nevertheless, traders can expect a slight retrace in the coming days as buyers start making profits.
Featured image from Pixabay and chart from TradingView.com