Bitcoin Cash price analysis has largely followed the price movements of its more popular big brother. In the past three years, its highest peak was reached near the end of 2017 when it went over $4,300. This was followed by a volatile 2018 which saw a massive crash and a considerable surge within a few months. Things have been more subdued in the past two years with only minor peaks and valleys. A promising rally was seen in early 2020 but the economic tsunami brought about by COVID-19 did not spare BCH. It found itself in a freefall mid-March along with the rest of the crypto coins.
Cautious Recovery
The price has climbed back up of the hole with bargain hunters swooping in to take advantage of the low price. It was too good to resist despite all of the uncertainty in the market. However, it hasn’t quite gotten back to the March highs that breached the $400 level. It is only barely managing to keep its head above the water at the $200 mark. Many would love to see it go past the $300 barrier but that might not be coming anytime soon unless there is some major trigger that sends people buying the coin in droves.
The Past Three Months
In fact, the last 3 months has seen the price trending downwards if you look at the moving average. It has been tough for the bulls but a good amount of volatility has presented some opportunities for trading for those who can time their market entry perfectly. The past two weeks have been providing signs that a breakout from the downward trend may be occurring. From a low of about $220 on July 16, BCH has managed to inch back up to $242 on July 24. We may be seeing a reversal that will last for a considerable period.
Interesting Statistics
According to the tracker at Live Coin Watch, the price has gone up by 3.46% in the past 30 days with a substantial 8.66% jump in the last 7 days. A lot of crypto traders must be buoyed by these developments after such a long bleak period. There hasn’t been much volatility in the 24H time period with a range that is within 4.11%. The low is around $233 and the high is $243 in the last day. Asks have slightly edged the bids. Experts will continue to watch the market and provide Bitcoin Cash price analysis for traders.
