Bitcoin Cash market update: BCH/USD spikes over 10% leading crypto recovery

In less than a week BCH/USD has lost over 26% of its value.
BCH/USD extended the declines on Monday below $260 before finding support at $255.
BCH is trading at $315 while supported by the 100 Simple Moving Average.

John Isige FXStreet

Bitcoin Cash massively trimmed the gains over the weekend and the sessions following the opening on Monday. In less than a week BCH/USD has lost over 26% of its value further causing significant denting in the progress that had been made in the last couple of months.

The initial drop last week failed to find support at $400 allowing further breakdown under $380 and $340 support areas. The trading over the weekend gave way to more declines leading to acute losses not only below $320 but also $300. BCH/USD extended the declines on Monday below $260 before finding support at $255.

With recovering digital assets scattered across the market, Bitcoin Cash is emerging as the biggest daily gainer having added more than 10% on the day. Recovery from the support got a boost on breaking above the 100 Exponential Moving Average (EMA). This propelled Bitcoin Cash above $300 and briefly stepped above $320 hurdle.

Also Read: Bitcoin market overview: BTC/USD blast through $10,500 awakening the bulls

At press time, BCH is trading at $315 while supported by the 100 Simple Moving Average (SMA). The area above $320 is limited by the 100 SMA currently at $331. Further correction upward will battle $340 resistance ahead of the $360 supply zone.

BCH/USD 1-h chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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