Bitcoin Cash Price Analysis: BCH attempting to find stability at $650 amidst high sellers

TL;DR Breakdown

• Bitcoin Cash price analysis is bullish for today.
• BCH/USD spiked to $650 overnight
• BCH saw retracement to $600 earlier today.

Bitcoin Cash price analysis is bullish for today as both a higher high and low were set over the last 24 hours. Therefore, as long as the $620 support holds, we expect BCH/USD to increase and move towards further highs.

The cryptocurrency market traded in the red over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has declined by 3 percent, while Ethereum fell by 6 percent. Solana (SOL) is among the worst performers, with a loss of 8.42 percent.

Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash retraces to $480

BCH/USD traded in a range of $601-$650.76, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.12 percent and totals $5.69 billion, while the total market cap stands at $11.64 million, ranking the coin in 4th place overall.

BCH/USD 4-hour chart: BCH prepares for another rally?

On the 4-hour Bitcoin Cash price analysis chart, BTC/USD  looks to close bullish in preparation for further upside over the next 24 hours.

Bitcoin Cash price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, BCH/USD has gained more than 100 percent over the past month after a new swing low was set around $255 on the 20th of July.

Since the previous major swing high at $430 was broken earlier this month, the overall market structure has turned bullish again, and we can expect a lot more upside past the current high of $519 set yesterday.

However, after a strong rally early yesterday, bulls were exhausted, failing to see much further upside above the $610 mark. Over the past few days, Bitcoin Cash’s price has established strong support, from which we should see a rally higher over the next 24 hours, with the $650 daily high as the next target. 

Bitcoin Cash Price Analysis: Conclusion 

Bitcoin Cash price analysis is bullish for today as a slightly higher low was set overnight after a brief spike higher. Since bulls have regained control today, we expect BCH/USD to continue moving higher and try to reach the daily high at $650 as the next target.

While waiting for Bitcoin Cash to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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