The news flow about the continuous legal battle between Craig Wright, who might or may not be Satoshi Nakamoto, and the estate of his previous service partner Dave Kleiman has once again assisted Bitcoin SV (BSV) become the leading performer of the past 7 days.
In the early part of the week, the price of Bitcoin SV rose to a brand-new lifetime high on the speculation that Wright had gotten a list of public keys for $8.9 billion worth of Bitcoin held with the Tulip Trust.
Later on in the week, it came to light that Wright had not sent any details relating to personal secrets. That led to a crash in the price of Bitcoin SV.
The rate of the BSV/USD set soared from a weekly low of $158.69 to a high of $458.74, which is an increase of 189%. Such vertical rallies are seldom sustainable. The bulls might not hold on to the greater levels and the pair has actually fixed over 45% from its life time highs.
A new lifetime high is a favorable indication however the failure to hang on to the highs indicates profit reservation by the bulls. The long wick on the weekly candlestick shows that traders quickly booked profits at greater levels.
The drop from the highs is finding assistance close to the previous highs at $255.62, which is just below $267.972, the 50% Fibonacci retracement level of the recent rally from $77.203 to $458.74.
If the price sustains below $255.62, a drop to $222.95 is possible. Though a relief rally is possible, we prepare for the pair to combine for the next few weeks before making its next relocation.