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News Link • Bitcoin

Bitcoin Cash Dips to $1,000, But a Recovery May Be on the Cards

• https://www.coindesk.com, Omkar Godbole

As of writing, the world's third-largest cryptocurrency by market capitalization is changing hands at $1,007. As per CoinMarketCap, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate has depreciated by 20 percent in the last 24 hours.

The widely cited movement of money out of bitcoin (BTC) and into bitcoin cash following the suspension of the controversial Segwit2x software upgrade appeared to push BCH to record highs near $2,500 on Sunday. However, the bull run looked overdone as per technical studies, and BCH soon lost altitude while BTC made a sharp recovery from $5,500.

Despite the losses today, so far the BCH has defended the new base level of $1,000 as expected.

The price action analysis and the volume analysis shows a potential for a move higher to $1,300-$1,400 range.

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