Bitcoin Cash Price Drops 5% Following 21% Spike

6:21 pm
August 30, 2023

Bitcoin Cash (BCH) experienced a significant surge on Tuesday, rising 21% to reach above $228. This increase was fueled by news of Grayscale’s court victory against the US Securities and Exchange Commission (SEC). However, BCH has since seen a 5% decrease in price as sellers take profits and the broader market reacts.

Bitcoin Cash Parity Gains After Major Spike

During the surge, BCH reached $228, leading the cryptocurrency market in terms of gains. The altcoin finished the day 18% higher. The chart shared by Santiment shows BCH’s performance during the spike:

Despite the recent decrease, Bitcoin Cash still maintains some key support levels. The daily chart shows that the price is above the 100 SMA, providing support near $198. The daily RSI is also above the 50 mark, although it appears to be slanting, indicating potential selling pressure. Traders will be closely watching the $183 and $252 price levels.

Furthermore, Bitcoin Cash experienced a similar spike in June when several Wall Street companies expressed interest in cryptocurrencies through ETF filings. At that time, driven in part by the unveiling of Fidelity-backed crypto exchange EDX Markets, BCH rose to above $329.

FAQs

What caused the spike in Bitcoin Cash price?

The surge in Bitcoin Cash price was driven by news of Grayscale’s court victory against the US Securities and Exchange Commission (SEC).

Why did Bitcoin Cash’s price drop after the spike?

The price drop following the spike can be attributed to profit-taking by sellers and a broader market reaction.

What are the key support levels for Bitcoin Cash?

Bitcoin Cash has significant support near $198, provided by the 100 SMA on the daily chart. Traders will also be monitoring the $183 and $252 price levels.

Has Bitcoin Cash experienced similar spikes in the past?

Yes, Bitcoin Cash saw a significant increase in price in June when Wall Street companies expressed interest in cryptocurrencies through ETF filings. At that time, BCH rose above $329.

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