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Bitcoin Cash Price Analysis: BCH/USD spikes above $600, almost tests $620 support

Bitcoin Cash price has recorded yearly gains of upto since January st

TL;DR Breakdown

  • Bitcoin Cash price has recorded yearly gains of upto 180% since January 1st.
  • Meanwhile, the market capitalization for Bitcoin Cash has been recovering since the start of October.

Counting down to the second last month of 2021, Bitcoin Cash has recorded yearly gains of up to 180% since January 1st. Thereby, suggesting substantial yields for crypto traders from the annual opening price of $342 to today’s daily high of $619. 

Bitcoin Cash Price Movement in the Last 24-Hours: BCH bulls remain strong above $600

Bitcoin cash (BCH) traded in the green zone and recorded a substantial gain from the daily low of $593 to a higher high of $619. The range is pretty high, an indication of high volatility on the one-day chart. BCH is position #20 on Coin Market Cap’s list and trading with a market capitalization of $11,603,581,712. The fork’s market capitalization reached here after a 24-hour positive change of 4%. 

Meanwhile, the market capitalization for Bitcoin Cash has been recovering since the start of October after it faced a sharp drop at the close of September. Here is visual data from Coin Market Cap showing the recovery trend: 

Bitcoin Cash price
BCH market value graph by Coin Market Cap

Bitcoin Cash Price Analysis on the 4-hour Chart: BCH aims for daily high, prepares to spike higher

Bitcoin Cash market choppiness index indicates a one-direction trend that’s heading past the $610 level. Green bars on the hourly chart suggest that buyers are in control. A situation that’s already reinforcing the general bullish outlook for BCH/USD to retest the $650 level and then the upper $700 target. 

While the bears have corrected the price to $612 on the 1-hour chart; buyers are already neutralizing any negative pressure on the price of Bitcoin Cash. Nonetheless, a solid consolidation is imminent on the 24-hours and traders should be on the lookout for the next higher high.

Bitcoin Cash price
Bitcoin Cash price chart by TradingView

At press time, Bitcoin Cash is trading at $613. Analytics from the Coin360 cryptocurrency heatmap indicates that Bitcoin Cash alongside Bitcoin, Ethereum, Polkadot, XRP, and Solana are trading bullishly. Solana is the best performer of the day with a gain of 11%, XRP with 9%, ADA with 7%, and ETH with 5.5%. 

Trading volume for Bitcoin Cash went up by 13% on the 1-day chart and traded at $1,260,902,943. The fully diluted market capitalization for BCH/USD is trading at $12.95 billion.

Bitcoin Cash price conclusion

Generally, November is very likely to be bullish for the cryptocurrency market. Bitcoin and Ethereum, the leading digital assets have already had their highest 30-day close for the month of October. Besides, the S&P 500 index recorded a median gain of 2%  during this month. Which is the highest median increase recorded in any month so far. We are betting on such factors to drive the price of Bitcoin Cash up. 

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 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.

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