Newsflash: Bitcoin Cash (BCH) Spikes 7.5% to 7-Day High but Concerns Remain

Bitcoin Cash
Image: Shutterstock

By CCN.com: Bitcoin Cash ABC opened Wednesday in positive territory, rising more than 7.5% against the US Dollar on a 24-hour adjusted timeframe.

At 1130 GMT, the BCH/USD pair was trading at $129.83 according to aggregated data provided by CoinGecko.com. The total market cap, at the same time, was close to $2.282 billion, Bitcoin Cash’s best since January 15, 2019, while its 24-hour adjusted volume was above $256.244 million.

Newsflash: Bitcoin Cash (BCH) Spikes 7.5% to 7-Day High but Concerns Remain 1
Bitcoin Cash 24H Chart Performance | Source: CoinGecko

In comparison, other top cryptocurrencies underperformed. While Bitcoin’s valued surged by a modest 2%, XRP and Ethereum also jumped 1.6% and 2.2% on a 24-hour adjusted timeframe. Only EOS and Tron came closer to Bitcoin Cash concerning substantial gains. Both the blockchain assets appreciated more than 5% against the dollar.

No Solid Fundamentals

The Bitcoin Cash market could not provide any evidence that could support their impressive rally. Roger Ver, the man behind the Bitcoin Cash project, had recently announced that they would update their Bitcoin.com wallet. On January 21, peer-to-peer marketplace Bitquick had added BCH support to its platform. But the rally did not start anytime before January 22.

On the contrary, Bitcoin Cash faced survival threats throughout the time since its hard fork in November 2018. Its closest ally Bitmain closed down global operations, fired 80% of its staff, and replaced its two CEOs in what it called an adjustment. Cobra, the co-owner of bitcoin.org and bitcointalk.org, said in a controversial tweet that Bitcoin Cash is dead.

The absence of solid fundamentals left technical indicators to do the explanation.

Newsflash: Bitcoin Cash (BCH) Spikes 7.5% to 7-Day High but Concerns Remain 2
Bitcoin Cash 1H Chart | Source: Coinbase, TradingView.com

As visible in the Coinbase chart above, the Bitcoin Cash surge took place merely around its current support area near $119.64. Similarly, an active resistance area to the upside capped the rally from maturing further – as it did in four different occasions since January 17. It explains that Bitcoin Cash – at best – must be consolidating within a strict trading channel while awaiting breakout.

Analysts Watch

According to Moon Overlord, a cryptocurrency trader with 38.8k followers on Twitter, Bitcoin Cash is breaking out of a sizeable descending trend line.

Nico, another Bitcoin Cash analyst, found the coin breaking out of a falling wedge pattern. Traditionally, such a move is bullish for assets.

“MACD and RSI rising, Buy Signal from the UCTS at the 6h chart,” wrote Nico. “EMA50-100 & 200 between here and potential target at 0.04sats so pay attention for any pullback in the road.”

Click here for a real-time bitcoin cash price chart. Price Charts from TradingView.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin23,897 0.21 % 2.92 % 5.37 %
Ethereum1,888.1 0.14 % 0.85 % 17.10 %
Tether1.001 0.03 % 0.38 % 0.04 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB322.25 0.24 % 2.26 % 3.65 %
XRP0.3741 0.07 % 2.18 % 0.32 %
Cardano0.5319 0.35 % 2.02 % 5.87 %
Binance USD1.002 0.04 % 0.09 % 0.06 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot9.350 0.72 % 0.36 % 15.29 %

bitcoin
Bitcoin (BTC) $ 23,853.00
ethereum
Ethereum (ETH) $ 1,885.52
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 321.83
xrp
XRP (XRP) $ 0.374018
cardano
Cardano (ADA) $ 0.531109
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 42.94
polkadot
Polkadot (DOT) $ 9.34