BSV/USD pennant pattern breakout eyes $350

Bitcoin SV surges above $300 in the wake of the historical Genesis upgrade.
Bitcoin SV is still poised for more upward action targeting $350 based on the current technical picture.

Bitcoin SV (BSV) is strongly in the green after successfully going through a hardfork. The price is trading 12.35% higher amid a generally bullish cryptocurrency market. BSV holds a market cap of $5.56 billion and has a trading volume that stands at $304.31 million.

Bitcoin SV Genesis hardfork upgrade

The network underwent an upgrade this week that saw the implementation of the Genesis rules. The upgrade was designed to support “the full restoration of Satoshis Bitcoin protocol.” The historical moment was effected at exactly block number 620,539. Genesis has gotten rid of default hard cap for block sizes. Moreover, it has been reported that transaction limit capacity has been removed in addition to raising on-chain scalability.

Bitcoin SV price technical picture

The breakout a day after Genesis has brought Bitcoin SV back into the spotlight. The crypto is trading at $305, although it has hit highs above $310 (weekly highs). A bullish pennant pattern breakout seems to be still in action. Moreover, the RSI could soon jump into the overbought region. The indicators’ upward movement continues to encourage the bulls to increase their entries. Besides, the MACDs bullish divergence signals that the bulls will continue to gain ground in the coming sessions.