TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash Price Analysis: BCH/USD held back by critical resistance at $240

  • Bitcoin Cash rejected at $240 as bearish pressure builds towards $230 support.
  • BCH/USD retreat to find balance at $230 but if the bearish pressure continues, $225 and $220 will come in handy.
Bitcoin Cash Price Analysis: BCH/USD held back by critical resistance at $240
John IsigeJohn IsigeFXStreet

Among the major coins, Bitcoin Cash is the only one still in the red. The European session is characterized by increased volatility. Bitcoin (BTC) is up 1.53% to trade at $8,692 while Ethereum is trading at $188 (up 1.5%) and Ripple trading at $0.1950 (up 1.14%). BCH/USD, on the other hand, has subtle a subtle 0.22% of its value on the day.

Interestingly, the trend is bullish but what could be holding the buyers back is the shrinking volatility as well as the key resistance at $240. Bitcoin Cash is trading at $235; attempts to break above $240 were unsuccessful with the bulls forced to retreat to find support in order to launch another attack. Glancing further up, BCH/USD recovery must brace for more resistance the 200 SMA and the critical resistance zone between $270 and $275.

Marginally below the prevailing market value is the first support at the 50 SMA in the 1-hour range. If support at $230 gives in to the selling pressure, we can expect the bearish leg to extend to $225 and $220 respectively. The ongoing bearish price action is supported by the RSI’s likely drop under 50 (average).

BCH/USD 1-hour chart

BCH/USD price chart

Author

John Isige

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

More from John Isige
Share:

Editor's Picks

XRP steadies as long-term buy signals face fresh resistance

XRP steadies as long-term buy signals face fresh resistance

Ripple trades sideways around the pivotal $1.50 level on Tuesday. The remittance token similarly holds in a broader range with support at $1.40 and resistance at $1.60. A break on either side could set the pace and direction XRP takes in the fourth quarter of 2026.

Top Altcoins Price Forecast: Ripple in a limbo near $1.50, Cardano extends rally, and Solana faces headwinds

Top Altcoins Price Forecast: Ripple in a limbo near $1.50, Cardano extends rally, and Solana faces headwinds

Ripple hovers around $1.50 on Tuesday, near the apex of a triangle pattern, suggesting an imminent breakout move. Cardano is up 3%, extending gains for the third consecutive day as bullish momentum persists. Solana edges lower for the second consecutive day.

Crypto Today: Bitcoin, Ethereum, XRP bulls battle to restart uptrend amid ETF outflows

Crypto Today: Bitcoin, Ethereum, XRP bulls battle to restart uptrend amid ETF outflows

Bitcoin upholds a robust bullish outlook, trading at $85,837 on Tuesday as sellers push to regain control over the trend. Altcoins, meanwhile, reflect Bitcoin’s ranging action, with Ethereum trading sideways above $2,700 and Ripple hovering around the pivotal $1.50 level.

Bitcoin: Rising yields, stronger US Dollar cap BTC upside

Bitcoin: Rising yields, stronger US Dollar cap BTC upside

Bitcoin remains under pressure, trading below $86,000 at the time of writing on Tuesday, as profit-taking intensifies. Mixed sentiment among corporate and institutional demand as Strategy added 334 BTC to its reserves while spot ETFs recorded a mild $89.90 million outflow on Monday.

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.