Bitcoin cash price did what we predicted on Friday. In our be aware, we talked about that BCH would soar to $500 because the demand for the forex continued to rise. Through the weekend, it jumped to $656, the very best degree since 2017. Nonetheless, it shortly erased these features and is at present buying and selling at $506.
What occurred: Technical elements and rising demand helped push the worth of Bitcoin money to a multi-year excessive yesterday. Nonetheless, this has modified at this time largely because of the general weak point of the crypto trade. The forex has dropped by greater than 23% from its weekend excessive.
It’s not alone. Different cryptocurrencies like Bitcoin, Ripple, Ethereum, and Cardano have additionally dropped sharply. This efficiency has pushed the whole market cap of cryptocurrencies under $1 trillion for the primary time in additional than every week.
Bitcoin money worth and different currencies are falling due to the robust US greenback on account of rising dangers. The buck has risen in opposition to all main currencies as merchants concentrate on the rising coronavirus circumstances in China and the political turbulence in the USA.
So, what subsequent for Bitcoin money worth?
Turning to the day by day chart, we see that Bitcoin money worth is underneath stress at this time. It has fallen by greater than 20% from its weekend excessive of $656. Nonetheless, we additionally see that it has discovered substantial assist on the $500 degree. On the identical time, the worry and greed index indicator has risen to the overbought degree of 80.
Due to this fact, regardless of the present weak point, I predict that bulls will return and push the worth above the YTD excessive later this week. This might be confirmed if the worth manages to maneuver above $550.
BCH worth forecast
Extra content material