BCH price movements in Thursday’s session are comparable to those of the leading cryptocurrency. After hitting a new record high of $69,020.67 in the previous session, Bitcoin plummeted to a low of $62,810.92 before rebounding back above the support zone of $64,000. As is the case with BCH, altcoins often follow the trajectory set by Bitcoin.
While high volatility will likely continue defining the path for BCH and other cryptos, the fading risk appetite may curb its gains. According to CoinMarketCap, its trading volume is down by 5.43% over the past 24 hours.
Bitcoin Cash is finding support at 658.25 after plunging in the previous session. On Wednesday, it dropped from an intraday high of 732.15 to a low of 645.89 before rebounding.
BCH price is currently up by 0.79% at 668.62. On a two-hour chart, it is trading below the 25-day EMA and slightly above the 50-day EMA.
In the short term, I expect the altcoin to continue finding support at 658.45. A move below that level will have the bears testing the steadiness of the support at 640.
On the upside, it will likely experience some resistance along the 25-day EMA at 680. Subsequently, BCH price may remain within the range of between 658.25 and 680.29 for a while. With enough buyers entering the market, the bulls’ next target will be 700.
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