Bitcoin cash (BCH) is now trading at $1,000 USD, returning the price to levels not seen since late March of this year. Analysts have attributed the BCH spike to after-tax-season liquidity, strong volume, and a passionate and active community supporting the project.
Bitcoin Cash Smashes Through $1,000
According News.Bitcoin.com market analyst Samuel Haig, "The price of Bitcoin Cash has rallied to test levels above $1,000 for the first time since March. The move comprises a gain of more than 75% when measuring from early April's low of approximately $610. With BCH hovering at approximately $1,050, the markets are approaching the 23.6% fibonacci retracement area when measuring from the all-time."
"When looking at the BCH/BTC markets," he detailed, "one can see that Bitcoin Cash has begun to make significant gains over bitcoin. The BCH/BTC markets recently broke above, and then bounced off a broken a major descending trendline, signaling that BCH's gains over BTC may continue in the short term. The BCH/BTC markets are also testing the 23.6% Fibonacci retracement area when measuring from the major resistance area of 0.25 BTC."