Bitcoin (BTC)Crypto News

Bitcoin Cash (BCH) Is Calming Down, But Is It Ready for a Breakout?

We see a slight bounce for the crypto market today, but nothing major. At least prices aren’t going down any further. bitcoin cash is starting to flatten out from its recent volatile move, reaching a 0.26% surge, taking Bitcoin Cash price to $114.91 (BCH/USD).


Bitcoin Cash has been volatile

We’ve seen a lot of erratic moves for this crypto lately, with the last week showing numerous spikes in both directions. BCH price has fluctuated wildly between $108 and $123 during this period and it is currently higher than the levels from earlier in the week.

However, its overall performance for the month is not that rosy, with a mostly bearish trend and only a few positive moves over the last week. The current trading volume is $1.2 billion, down 14.46% from the previous day. This shows a lack of public interest in this cryptocurrency, which is fairly constant across the market. The overall market is trending down with many investors selling their coins and exiting the market in a big way.

This makes sense as the market has been in a downtrend for a while with no signs of reversing. Even though the larger market is performing poorly and is expected to continue to perform poorly, lately we have seen some cryptos stand out and take some steps forward.

Is Bitcoin Cash preparing for a bull market?

There is some hope that BCH could reverse and break out very soon as the price has been steady lately. However, that might be wishful thinking and there is no solid evidence that we will see anything bigger from this crypto.

The global economy is devastated and all signs point to a deterioration inflation, persistent supply chain bottlenecks and risk-averse spending. This does not bode well for the crypto market, especially given the recent large withdrawals we are seeing in many of these cryptocurrency tokens.

What we can see with Bitcoin Cash is a rapid rise followed by a downtrend. The recent volatile move is likely to continue, although today’s action is on the mild side.

Expect Bitcoin Cash to continue trading around the $120 mark with little room for investors to rake anything other than small profits from quick turns.

Source: Crypto News Deutsch

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