Cryptocurrency market update: Bitcoin Cash jumps 10% on Bitmain IPO, Bitcoin Gold rises 14% as Bitcoin sits above $6,500
- Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.
- South Korea’s Bithumb adds more liquidity for Bitcoin Gold; traders celebrate.
- Bitcoin is back above $6,500 but lacks moment for further movements.
Bitcoin Cash is among the mid-week best performers recording gains of 10% on the day. As discussed in an earlier published price analysis, traders moved to take their positions following the news that Bitmain, the giant firm that mines Bitcoin was moving towards an IPO. The firm is currently valued at $12 billion and is reported to have made a profit approximately $742.7 million in the period ending June 2018. Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.
Bitcoin Cash technical picture
Bitcoin Cash is currently trading at $569 after breaking out of a short-term bullish flag pattern that consolidated the gains at above $510. The price is trading above the moving averages (both 50SMA and 100SMA0 on the hourly chart. The trend has stalled at $580 but the prevailing trend is bullish. This means that Bitcoin Cash is likely to test $600 before the close of the session on Thursday.
BCH/USD 1-hour chart
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Bitcoin Gold goes ballistic
Bitcoin Gold is another asset that is making incredible heady way in Thursday’s trading sessions. It is up a whopping 14% on the day after breaking technical levels at $23.00. Prior to the surge, the crypto was bound in a range below $23.00 while supported marginally above $21.00. The gains today have been triggered by Bithumb exchange decision to increase BTG liquidity citing investor confidence. BTG/USD is testing $29.00 on the upside while trading at $27.8.
Read more on Bitcoin Gold price analysis here.
BTG/USD 1-hour chart
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Bitcoin technical picture
Bitcoin, on the other hand, has pulled back above $6,500. The asset rejected the support at this level on Wednesday resulting in a drop that was stopped at $6,450. At the moment, Bitcoin price is changing at $6,502. The moving averages are working a support and resistance as observed on the hourly timeframe chart. The dominating trend is bullish but the buyers do not have the strength to push for a higher retracement.
Read more on Bitcoin price analysis here.
BTC/USD 1-hour chart
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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
