Bitcoin Cash (BCH) market update: BCH/USD wins from Bitcoin SV woes
|- BCH/USD settles safely above $300.00.
- Bitcoin SV delisting news drives BCH demand.
Bitcoin Cash (BCH) has been growing strongly since the end of Sunday and . The fourth largest digital asset topped at $335 on Monday and retraced to $312 by the time of writing. BCH/USD is now 4% higher than this time on Monday. Moreover, it is the only coin in green out of top-20.
What’s going on?
Bitcoin Cash appears to be the biggest winner of Bitcoin SV’s woes As the cryptocurrency supported by Craig Write is delisted from Binance, ShapeShift and, potentially Kraken, many traders are hastily dumping their BSV coins and buy BCH.
Moreover, the report published by BitMEX research department revealed that the aggregate losses of Bitcoin SV miners amounted to $2.2 million, while the coin’s mining profitability was -12%. The experts based their calculations on the amount of mined coins. their current value and the minimal cost of electricity. Other expenses were not taken into account.
Bitcoin Cash technical picture
BCH/USD is supported by psychological $300.00 closely followed by a combination of SMA50 and SMA100 (1-hour). Once this barrier is cleared, the sell-off may be extended towards $270 created by SMA100, 4-hour. The intraday Relative Strength Index is neutral which means that the coin is likely to enter a consolidation stage at current levels.
Meanwhile, on the upside, the first barrier is created by $324, strengthened by the intraday high. It is followed by $335 handle (Monday’s high); however, the ultimate resistance comes at $350. Strengthened by the recent high $352, it is likely to stop the recovery for the time being.
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