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Bitcoin Cash to trend below $100 as weakness in crypto bites

For the past two weeks, Bitcoin Cash has followed in the steps of major coins in decline. The coin now looks significantly bearish even though it has managed to recover a few of this week’s losses. However, downward pressure will likely continue over the weeks ahead as sentiment in the broader market struggles to find momentum. Below are the major BCH highlights:

  • Bitcoin Cash has stopped the downward decline with a modest gain today.

  • But there is no real chance of a sustained bullish run

  • BCH will likely trend lower and eventually lose the $100 support 

Data Source: TradingView 

Why holding a $100 is key?

BCH has faced a lot of pressure in 2022. But the coin has still managed to stay above $100 all year round. This is an important psychological barrier. It shows the resilience of BCH in the face of market-wide pressures. But for the first time in 2022, there is a real risk that BCH could finally fail to keep the $100 mark.

In fact, at the time of writing, the coin was trading at around $120. This was after a modest 24-hour gain of around 3%. BCH is dangerously close to the $100. It only needs a 20% decline to fall to double digits.

For a coin that has already dropped 22% over the last 7 days, another 20% decline is more probable than you think. Nonetheless, once $100 is breached, expect BCH to fall further towards $80 before it finds support.

Why is BCH falling?

The downtrend that BCH has seen is not isolated to the coin alone. In fact, we have not seen any major changes in the coin’s fundamentals here. The fall is largely caused by economic and monetary factors in the global economy.

Sadly, these tough economic conditions will not ease anytime soon. As such, BCH investors must be ready for a consistent bear season.

The post Bitcoin Cash to trend below $100 as weakness in crypto bites appeared first on CoinJournal.

Retail Investors Buying the Bitcoin Dip: Analysis

The past months have been long and bumpy for Bitcoin, which took yet another plunge below the psychological level of $20k. But that isn’t stopping the retail investors from buying the dip. Investors, both big and small, have lost significant money on their Bitcoin bets. But latest data from IntoTheBlock suggest that retail is stacking::Listen

The past months have been long and bumpy for Bitcoin, which took yet another plunge below the psychological level of $20k. But that isn’t stopping the retail investors from buying the dip.

  • Investors, both big and small, have lost significant money on their Bitcoin bets. But latest data from IntoTheBlock suggest that retail is stacking again.
  • The crypto-analytic platform revealed that the balance held by traders has increased to the highest levels since January of this year.
  • This cohort of entities ramped up their holdings by 28.81% in 30 days, climbing to 2.13 million BTC on June 24th.
  • Checkmate, a lead on-chain analyst at data firm Glassnode, also revealed a similar trend.
  • It was observed that not only the smallest retail investors with 10 BTC or less in their wallets but the whales were also stacking. The latter group is moving coins from exchanges to private wallets suggesting an imminent price bottoming.
  • JP Morgan strategists had recently speculated that the deleveraging in the crypto market might soon end, and a bottom may be near.
  • Bitcoin miners, on the other hand, have resorted to selling their tokens amidst high energy costs as the market tanked over the past few months.
  • Among the high-profile hoarders is the cloud software company MicroStrategy which announced another Bitcoin purchase worth $10 million despite the falling market.

Bitcoin Cash to trend below $100 as weakness in crypto bites

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