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Bitcoin Cash Price Analysis: BCH shows signs of recovery, aims for $620 support

TL;DR Breakdown

Bitcoin Cash price analysis is bullish
BCH/USD continued to retrace yesterday.
Bitcoin Cash still holds above $610 support.

On today’s market, Bitcoin Cash price analysis is suggesting bullish sentiments following the coin’s rise from the $606 to $619 mark. As a result, traders should anticipate BCH/USD to rise by percentages and cross the $620 mark by the end of the day.

Following a 1.971% rise in Bitcoin and a 0.93% increase in Ethereum, the general cryptocurrency market is trading bullishly according to Coin360’s heatmap. Binance Coin, Solana, and Cardano have lost seats, while Polkadot, and Ripple have posted gains.

Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash retraced to $625 support, time to gain?

The BCH/USD pair fluctuates within a moderate daily range of $611 to $619, according to our Bitcoin Cash price analysis. Meanwhile, the total trading volume for bitcoin cash rose by 12% to $2.9 billion per day. The coin has lost 2 percent of its market capitalization in the last 24 hours.

BCH/USD 4-hour chart: BCH set to rally?

On the 4-hour chart, the Bitcoin Cash price is building support around $618, which will enable it to clear the way for another rally later today.

BCH/USD 4-hour chart. Source: TradingView

Overall, the Bitcoin Cash price movement has seen significant increases in recent weeks. BCH/USD dropped below $700 for the first time on July 20th, after which it rallied by more than 60% until resistance was met at around $800.

The bulls failed to provide the market with additional energy, resulting in a lack of sellers. This price action profile resulted in a week-long retrace, with the $625 previous all-time high barrier serving as support.

The Bitcoin Cash price has broken through the $3 support overnight, indicating a possible reversal later today. When Bitcoin Cash starts to rise, the $3 mark will finally be broken.

Bitcoin Cash Price Analysis: Conclusion

The Bitcoin Cash price is favorable for the next 24 hours as the market has formed a support base above $615. We expect BCH/USD to retrace and try to overcome the daily high.

While you wait for Bitcoin Cash to move further, read our articles on NFTs, Wrapped Bitcoin, and Decentralized Exchanges.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.