Despite a bullish sentiment in the crypto market, the Bitcoin Cash price is struggling to break a long consolidation zone. On April 11, the Bitcoin Cash price witnessed a marginal drop of around 0.93%.
At present, the Bitcoin Cash ($BCH) price is trading at around $439.11 with a market capitalization of around $8.79 billion, according to CoinMarketCap. The daily trading volume also plunged by around 19% and currently revolves around $161.49 million.
Bitcoin Cash ($BCH) Price Struggles to Break Consolidation Zone
According to experts, $BCH is currently facing a major consolidation zone under the Value Area low (VAL) volume at $444. If the price breaks above this level and manages to hold that position, that could spark an upward momentum in the cryptocurrency. The next target for Bitcoin Cash would be the highest volume level, which revolves around $467.60.
The rally in Bitcoin followed President Donald Trump’s announcement of a two-week ceasefire agreement between the United States and Iran, which eased geopolitical tensions and boosted investor confidence in risk assets across global markets.
According to experts, Bitcoin Cash failed to keep pace with the overall crypto market gains, including Bitcoin, because it experienced profit-taking among holders after a period of consolidation around major technical levels. The price movement comes after a short-term corrective phase within a longer downtrend that has seen Bitcoin cash decline 21% year to date. Traders observed the token reversing from a support zone between $422.80 and $431.50 before facing resistance around $439.
This pattern shows that sellers remained active despite the positive macro environment sparked by the ceasefire news.
According to TradingView, Bitcoin Cash is currently in neutral territory. The relative strength index stood in neutral territory around 42, which suggests that the cryptocurrency is neither overbought nor oversold. This also means that there is room for further movement in either direction.
Moving averages are also giving mixed signals, with short-term averages providing some support while longer-term ones, such as the 50-day and 200-day signals. There is showing bearish pressure from the extended decline.
Apart from this, many other major developments are taking place within the Bitcoin Cash ecosystem. The upcoming Layla upgrade targeted advanced scripting capabilities and enabled more complex smart contracts on the network, which developers expected to activate soon. This attracts new use cases beyond simple payments.
Bitcoin Cash released version 29.0.0 with performance optimizations, including per-peer bandwidth limits and reduced CPU usage for faster transaction processing.
Bitcoin’s price moved sharply higher after President Donald Trump announced a two-week ceasefire with Iran. Bitcoin was trading at around $68,000 on that day, and within hours of the announcement, the price jumped more than 5%, hitting a high of $72,841.
The ceasefire news eased fears of a wider war in the Middle East. Oil prices dropped quickly because the deal opened talks to reopen the Strait of Hormuz.
Leave a comment