Bitcoin Cash price remains green on Friday as the crypto markets take a breather. BCH crypto outperformed BTC as the former was up 2.23% till press time compared to a 0.51% pullback in the latter’s price. Nevertheless, on a higher timeframe, BCH needs to clear a huge resistance, which is revealed by the technical analysis.
At the time of writing, the biggest fork of Bitcoin was trading at $239 which was a fresh weekly high for the cryptocurrency. The confluences are pointing toward a retest of the $250 level in the coming days, but a lot depends on the overall market sentiment of the crypto space.
On a yearly timeframe, Bitcoin Cash is up 148% this year which is great but an underperformance when compared to other major coins. In the same timeframe, BTC has gained 165% and other mid-capped altcoins are up even more.
However, as long as Bitcoin continues to grow, Bitcoin Cash price prediction is also likely to stay bullish This is due to the historical correlation between the both forks of the pioneering digital asset.
Based on the following BCH/USD technical analysis, the key psychological level of $250 has been acting as a resistance since August 2023. A break above this level might lead to further bullis continuation. However, the weakness in the BCH/BTC pair shows any upside above $250 is unlikely any time soon.
This post was last modified on Dec 22, 2023, 10:04 GMT 10:04