Bitcoin Cash Price Analysis: BCH/USD spikes to make new highs for the week

Bitcoin Cash price is trading in the red, with losses of 0.85% in the second half of the session.
BCH/USD pressure is back on the downside, after a potential short squeeze in the prior session.
There is a risk of reversal if the bulls do not further capitalize on the gains of Thursday.

Ken Chigbo Independent Analyst

BCH/USD daily chart

A retest and rejection have so far been observed of a breached daily flag structure. Leaving the door open to further potential moves south.

BCH/USD 60-minute chart

The pressure is back on the downside, following a near-term trend line of support breach.

Spot rate: 220.97

Relative change: -0.85%

High: 233.56

Low: 215.94

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Ripple technical weakness persists as selling intensifies toward $1.00

Ripple grinds lower, trading around $1.10 at the time of writing on Wednesday. The sticky bearish outlook mirrors the broader crypto market, with major coins such as Bitcoin and Ethereum facing weak demand as investors de-risk.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments. Bitcoin has slipped toward $61,000 after its recent rebound was sold near $64,000, leaving buyers exhausted.

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin extends its decline on Wednesday, trading below $61,500 at the time of writing as renewed US-Iran tensions keep the risk sentiment capped. In addition, persistent capital outflows from US-listed spot Exchange Traded Funds continue to fuel selling pressure on BTC.

Pi Network extends decline as CEX outflows fail to offset bearish pressure

Pi Network edges lower on Wednesday, extending its third consecutive day of losses. The technical outlook for PI is largely bearish, with a risk of a steeper correction below $0.1184.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.

BCH/USD daily chart

BCH/USD 60-minute chart

Legal Text

Editor's Picks