As all cryptocurrency markets are suffering from immense bearish pressure, it only seems normal we will see some worrisome trends. For Bitcoin Cash price watchers, it seems the BCH value may drop below $900 again and stay there for a day or two. This comes at a worrisome time, considering the Bitcoin Cash price only recently retook the $1,000 level.
As is always the case when the Bitcoin price goes down, all alternative currencies will follow eventually. In the case of the Bitcoin Cash price, it has become evident the going is getting a bit tougher than originally anticipated. While we saw a BCH value of just over $1,000 not that long ago, it seems things continue to head south, for the time being. Right now, the biggest concern is whether or not the BCH value vision remains above $900.
While the current trend seems to indicate the Bitcoin Cash price will go below $900 for at least today, it remains unclear if that will indeed happen. There have been several dips below $900 already today, and all of them eventually saw the value bounce back to $920 or slightly higher. Right now, we are looking at a Bitcoin Cash price of $901 once again, and it seems any positive momentum is squashed as soon as it emerges. Based on that information, a dip below $900 seems more than likely, although the momentum can always turn around quickly in the world of cryptocurrency.
With a 3.27% decline in USD value, Bitcoin Cash is still in better shape than Bitcoin, Ethereum, and a few other top cryptocurrencies. However, it is the 0.43% decline in BCH/BTC ratio, which will be worth keeping an eye on. If this ratio can improve ever so slightly, the Bitcoin Cash price will remain above $900 without too many problems. At the same time, any further dip in this ratio can send the value to $850 pretty quickly. Everything correlated to Bitcoin in one way or another, unfortunately.
Right now, Bitcoin Cash generates just $375.73m in 24-hour trading volume. That is nothing spectacular by any means, but it’s not terrible either. Given the overall decline in cryptocurrency trading volume these past few weeks, all of the numbers look “off”. Even so, Bitcoin Cash will need more trading volume to reverse the current price momentum, but it remains unclear if that is even feasible at this point.
With OKEx still leading the charge in terms of BCH volume, things look pretty normal for Bitcoin Cash in this regard. Their lead over HitBTC is not all that great, and OKEx’s BTC pair is not that far behind either. It’s quite unusual to see a USDT pair outpace a BTC pair for Bitcoin Cash on OKEx, but that may not necessarily be a bad thing whatsoever.
Whether or not the Bitcoin Cash price can find stable ground at or just above $900, will be the main thing to look out for today. Anything and everything is possible in the world of cryptocurrency, and it seems as if the negative pressure is slowly reversing course. Even so, any relief felt by the community throughout 2018 eventually turned into even bigger price losses. The bleeding has to stop at some point, but for now, it’s unclear if and when that will be the case.
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