Bitcoin Cash technical analysis: BCH/USD holds above $1,000 second day in a row as G20 issues July deadline

Bitcoin Cash exit the roller coaster ride to trade in a fairly stable environment. The currency initiated a recovery momentum after trading at $910 on Sunday 19. It encountered a stiff resistance at $993 level. Bitcoin Cash is up by over 8% in the last 24 hours while the price has sustained above the $1,000 level.

The G20 summit took place in Buenos Aires this week. The summit ran for two days consecutively and was expected to touch on matters concerning cryptocurrency regulation among other things. The nations have decided to put cryptocurrency regulation deadline in July this year. In the meantime, the countries will take time to investigate cryptocurrency data before they propose regulations. However, the current Financial Action Task Force (TAFT) standards for money laundering will be adopted.

The Argentinian Central Bank Chair, Federico Sturzenegger stated in a press conference:

“In July we have to offer very concrete, very specific recommendations on, not ‘what do we regulate?’ but ‘what is the data we need?”

Another G20 statement reads:

“We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.”

Bitcoin Cash technical analysis

Bitcoin Cash price broke above the 23.6% Fib retracement level with the previous swing high of $1,083 and a low of $845. The price is currently trading below the upside sloping 50-SMA which is acting as the immediate support line. Bitcoin Cash encountered high selling pressure at $1,083, where the price dropped to find support at $1,035. The next major support for Bitcoin Cash price is at $960.

BCH/USD hourly price chart