Bitcoin Cash is the most popular hard fork of Bitcoin. The coin currently ranks thirteenth in terms of market capitalization. It has also been a significant gainer in the recent crypto market rebound, enabling it to create new monthly highs. It is also among the cryptocurrencies still trading in the green zone despite mild volatility.
Bitcoin Cash is trading at $677.35 at the time of writing after a 7.3% gain in 24 hours.
BCH Price Analysis
BCH’s price action in the past month has been marked with increasing volatility. The altcoin has created new monthly highs within this period, but it has also failed to maintain these levels. However, the trend has reversed in the past 24 hours, and BCH has retested new highs.
The current uptrend could be attributed to buyer support, as the market support is weakening. If the uptrend holds, we could see BCH test the upper resistance of $680. This is a major level for the altcoin, and if it manages to hold here, we could see an even greater rally towards $700. BCH attempted such a rally last week, but it was rejected at $700. However, buying pressure is currently strong; hence a rally beyond $700 is possible.
On the other hand, we could also see the uptrend fail, and BCH could retest lower support levels. The lower support for BCH lies at $650. Volatility has pushed BCH below this level this month, but it has managed to show strong signs of recovery. Erasing this month’s gains could happen if BCH drops below $600, as this could ignite selling pressure.
Bitcoin Cash is among the most popular cryptocurrencies, making it readily available to be used as a means of payment. Recently, PayPal launched its cryptocurrency services in the UK. In the announcement, BCH was among the coins that the payments giant selected. This is among the contributing factors to the recent bull rally.
Where to Buy BCH
If you want to buy BCH during the current bull rally, you can create a cryptocurrency exchange on eToro. eToro is a reliable and renowned exchange platform. If you are a new trader, crypto trading on eToro will be made easy with features such as copy trading and a demo account that give you an avenue to learn crypto trading strategies.
Looking to buy or trade Bitcoin Cash (BCH) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link