The price of Bitcoin Cash has rallied strongly in recent days as market sentiment improved somewhat. The BCH token is currently trading at $335, after the coin reached an interim level of $352 this morning. The current market cap is up nearly $6.5 billion, while the Fear & Greed Index is no longer in the extreme fear range.
If you want to read more about the price of Bitcoin Cash and to find other financial news, download for free our companion app Born2Invest.
BCH volume is on the rise
The price of Bitcoin Cash has jumped as demand for the coin has increased. According to CoinMarketCap, on April 13th, the total volume of BCH coins traded increased by 31% in 24 hours to more than $4.8 billion. The number of addresses holding BCH is over 22 million. In the last 24 hours, 90,000 of them were active.
The price movement of Bitcoin Cash is mainly due to macro factors that also affect other coins, first and foremost Bitcoin. First, there are concerns that central banks will take a tougher stance as inflation rises. Data released this week showed that U.S. inflation rose to its highest level since the 1980s.
Fed officials such as Lael Brainard and James Bullard warned that tighter rate hikes are needed to slow that curve. Historically, Bitcoin Cash, like other cryptocurrencies, tends to lag when the Fed takes a hawkish stance.
BCH’s performance mirrors that of other coins as well. Bitcoin, Ethereum, and Monero all slowed this week’s negative trend over the same period. Similarly, stock indices such as the Dow Jones and Nasdaq 100 rose as the season of profit-taking began.
Second, the BCH price performed well due to the continued demand for the coin. As transaction costs have increased within the Bitcoin blockchain, many users switched to BCH. This network allows for faster transactions with much lower costs.
Most importantly, the coin is rising as investors take advantage of the buying opportunity. Considering that BCH had fallen more than 25% from its peak this month, this makes perfect sense. In this article, we will explain which crypto apps are best for buying Bitcoin Cash.
Bitcoin Cash Price Forecast
The four-hour chart shows that the BCH price has been in a strong uptrend over the past few days. Along the way, the coin has moved above the Fibonacci retracement level of 38.2%. It has also moved above the 50-day and 25-day moving average lines, while the HV curve is pointing up (HV stands for historical volatility).
Therefore, there is a probability that the BCH price will continue to rise while the bulls target the retracement level of 23.6% at $360.
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