Bitcoin Cash price analysis is bullish for today. BCH/USD continued to retrace yesterday. Bitcoin Cash still holds above $630 support.
Bitcoin Cash price analysis is suggesting bullish sentiments on today’s market after the coin witnessed a rapid decline from the $661 mark to the $630 support on yesterday’s chart but then recovered in the early trading hours of today’s daily chart. Therefore, traders should expect BCH/USD to gain some percentages higher and recover some of the loss later today as the bulls prepare for another long-term rally.
The general digital currencies market is trading with mixed momentum for the last 24 hours with Bitcoin losing 1.74 percent and Ethereum gaining 2.34 percent. Solana is the best gainer after breaching the $100 and hitting $117.
Bitcoin Cash retraced to $625 support, time to gain?
According to our Bitcoin Cash price analysis, the BCH/USD pair traded within a narrow daily range of $623 – $634. Meanwhile, the daily trading volume for Bitcoin cash rose by 12 percent to a sum of $2.9 billion. Coin Market Cap recorded a 2.0 percent loss in market capitalization for the last 24 hours. Bitcoin Cash has a market cap of $11.19 billion.
BCH set to rally?
On the 4-hour chart, we can see the Bitcoin Cash price establishing a base around $630 support, which is set to clear the path for another rally later on today.
Overall, the Bitcoin Cash price action has witnessed significant surges over the past month. After setting a new swing low of around $480 on the 20th of July, BCH/USD rallied by more than 60 percent until resistance was found below the $700 mark.
From there, bulls lacked the momentum to push the market higher. This price action development resulted in a week-long retracement, with the $625 previous all-time high resistance now acting as a support.
Overnight, the Bitcoin Cash price consolidated above this support, which should lead towards a reversal later today. Once Bitcoin Cash starts moving higher, we can expect the $3 mark to finally break.
Bitcoin Cash price analysis is bullish for the next 24 hours as the market has established a support base above $625. From there, we expect BCH/USD to reverse and try to move back towards the $3 mark.