Bitcoin Cash has finally found a level of support after suffering one of the worst weeks in its history with a shocking sell-off.
With it now trading at around $163 Bitcoin Cash is at its lowest point since March 2019, which has erased all of the 185% gains that were printed earlier this year.
Failure to break above $196 in the short term will most likely see Bitcoin Cash test the $106 level of support for the first time since December 2018.
There is another level of support at $75, which could also be tested if fear surrounding coronavirus continues to mount over the coming week.
Much of the upcoming Bitcoin Cash price action will depend on the direction of Bitcoin and other cryptocurrencies, most of which have suffered during the recent downturn in global markets.
Despite being touted as a hedge to the traditional financial system and ‘safe haven’, cryptocurrencies like Bitcoin lost more than 50% of value over the past two weeks, demonstrating fear and panic from investors.
Bitcoin Cash suffered an even darker descent than Bitcoin, with it now being 67.4% down from its February high of $493.
This is down to a number of factors, one of which being a lack of liquidity and the other being the lack of faith held in all altcoins during market sell-offs.
As Bitcoin is often tied to fiat trading pairs it makes it easy for traders and investors to cash out, while Bitcoin Cash and other altcoins often have to be traded for Bitcoin before being liquidated.
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About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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