Will $100 Become Bitcoin Cash’s (BCH) New Resistance Level?
Timothy St. John • 2 min read
Cryptocurrency coin Bitcoin Cash (BCH) is hovering just under the $100 mark at $99.89 (BCH/USD). It is down about 1% from yesterday, and earlier today managed to get above that $100 mark, but only briefly. Will this prove to be a tough marker for BCH to overcome and stay above in the coming weeks?
Where Bitcoin Cash Stands Right Now
This coin is experiencing a trade volume drop of about 12% compared to yesterday, bringing its trade volume numbers to $93.4 million over the last 24 hours. That’s disappointing for investors who are hoping Bitcoin Cash will push past the $100 level and start to make up what it lost from the last market drop that hit it hard on the 16th of this month.
Bitcoin Cash fell from $107 to $99 over the course of a day at that point, a drop of 7.47%. That’s not as bad of a hit as many other crypto coins took at the time, but it is still one that BCH is trying to get back on its feet from. BCH is still holding its ranking high on the crypto charts, at spot #27, but if it continues to have trouble around the $100 mark, that position could be taken over by another coin.
BCH’s rate has tended down over the last 30 days, which bodes poorly for it managing to stay above this new level. One economic hit after another to the crypto market has put most coins on a downward trend of the last few months, but Bitcoin Cash has a steady decline that many of its competitors do not.
Should You Invest in BCH?
The outlook is not good for this coin right now. It may fall even lower through the rest of the year and might require an economic boost to start seeing gains that it holds onto. We do not suggest investors put their money into BCH right now and expect it to pay off in the short term. The coin may recover later on, when the overall crypto market is recovering, but for now, the crypto market and BCH are weak.
While BCH has proven to be fairly resilient for much of the year, several hard hits in a short period of time have put it in a place where it is no longer the desirable, reliable crypto it used to be. Even though $100 looks like the new resistance level, there may be lower one shortly.