Bitcoin Cash (BCH) prices against the US Dollar are back above $950 to gather a pace just above $970. BCH/USD showed major movement through the weekend and start of this week. The price has tested the $960-970 support zone on a number of occasions in the past 24 hours. The upside swing was capped at $1020 and remain under pressure and faced a steady decline below $1000. This movement is mainly attributed to the force exerted onto the cryptocurrency market with major cryptocurrencies, including Bitcoin Cash, continuing the steady decline. Bitcoin Cash has lost 0.45% of its value in the last 24 hours, and many expect see this continuing as the market declines.
BCH/USD prices have attempted to make a recovery, but it still seems like the day will end roughly for Bitcoin Cash. Following a significant drop last week, the progress made this week is somewhat reassuring, but many still believe that the BCH is yet to gain the momentum that will see BCH/USD gain against the rest of the market. The brief bullish momentum is cancelled out by a significant downturn swiping across the entire market before embarking on an upward trend on a short-term basis.
The confidence in Bitcoin Cash, while many other cryptocurrencies are falling, could have something to do with the controversial hard fork that Bitcoin Cash underwent recently, in a planned move that saw its block size quadruple. This hard fork now allows the Bitcoin Cash network to process even more transactions than Bitcoin at lower transaction charges. This development seems to be the main reason why investors are confident in the value of Bitcoin Cash but fall short of market forces. While this is not the only good news in the cryptocurrency world, the recent crash has left many to speculate on the key drivers of the current bearish trend.
In the past week, BCH experienced a sharp decline in prices from a $1,100 high against the USD. For the rest of the week, the price remained on a steady decline and broke a few critical support levels. For instance, BCH/USD showcased support at $1050 and $1100 later on the drop happened once again, and BCH would then retest the $948 low. On the downside, this could mean that BCH could soon break below $920 and $900 support level given the current prevailing market decline continues. On the upside, the bearish trend line could push prices to $1060.
Despite the current market conditions, analysts still maintain that Bitcoin Cash is still a good solid investment in the cryptocurrency market. Many believe that BCH will receive a price boost that might run into some turbulent periods but a jump to $1100 is possible. The month has been rocky for the entire market with reports of looming government regulations negatively impacting the market in general. However, this will not hinder the future of Bitcoin Cash as the cryptocurrency is still on track for more mainstream use by the end of 2018, according to market sentiments.