Bitcoin Cash Price Analysis: BCH/USD rescue mission holds price above $300

  • Bitmain holds at least one billion BCH, which is a risk to the network due to the firm's growing difficulties.
  • Bitcoin Cash struggles with the resistance at $320 ahead of the seller congestion at $340.

Bitcoin Cash is wallowing in selling pressure; a reflection of the red-painted cryptocurrency market. The fourth-largest cryptocurrency in the world is down 6% on the day. Bitcoin Cash has a market capitalization of $9.89 5.81 billion and features a 24-hour trading volume of $4.43 billion.

Bitcoin Cash bleak future with Bitmain growing difficulties

Bitcoin, a global leader in cryptocurrency mining continues to undergo difficulties, especially in its top management. Moreover, the plans to have the company listed through an IPO hit rocks last year. However, the firm plans to “restart the listing application work at an appropriate time in the future.”

Bitmain also ended its management contract with DMG Blockchain, a mining operator based in Texas, hinting at growing management issues. The future of Bitmain cannot be guaranteed, especially with power struggles at the center stage. Considering the mining giant holds 1 million BCH, investors in the network need to be alert.

Bitcoin Cash technical analysis

Bitcoin Cash seems to be struggling with the resistance at $320. The immediate downside is protected by the ascending trendline. Further downward movement looks possible and expected to shield the bulls from immense damage is the 61.8% Fib retracement level, taken between the last drop from $367 to a low around $192.44. Other levels likely to come in handy on the downside are $280 and $260.

On the upside, the resistance at $340 has been tested severally. Breaking past this hurdle might take some time and will require immense buying power. However, once cleared, BCH is likely to find a smooth ride to $360.

BCH/USD 4-hour chart



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

ETH ready for a decisive breakthrough, BTC range-bound

BTC/USD hit the intraday high above $11,400 during early Asian hours and retreated to $11,226 by press time. The first digital coin has stayed unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid low volatility.

More Bitcoin News

All phases of Ethereum 2.0 will positively impact the network – Analyst

The anticipation of Ethereum 2.0 is continuing to rise as the activity on the network is surging. Kelvin Koh, the co-founder of venture capital firm Spartan Group, has recently said that ETH 2.0 will have play a key role in the growth of the network.

More Ethereum News

ETC/USD faces stiff resistance at $7.35

Ethereum Classic (ETC) settled in a range above $7.00 after wild price swings on the weekend. At the time of writing, ETC/USD is changing hands at $7.20, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Ethereum Classic News

ADA/USD bulls remain in control as price goes up

Cardano successfully launched the Shelley hard fork a few days back and it currently has >620 active stake pools. These pools have a total of 2.74 billion ADA committed to staking. According to ...

More Cardano News


Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast