BTCUSD
The Bitcoin Cash price has rebounded after falling by more than 45% last week. The BCH price has jumped by 7% in the past 24 hours, bringing its total market cap to more than $10 billion. The price is also 42% below this year’s high of $773.
What happened: As I explained in my Bitcoin price prediction article, cryptocurrencies slumped early this month because of signs of high-interest rates in the United States, the warning by Elon Musk, and profit-taking. This week, however, their prices have rallied as investors rush to buy the dips. In most periods, other cryptocurrencies tend to follow that of Bitcoin and ETH.
The four-hour chart shows that the Bitcoin Cash price has been bouncing back after tumbling to $432 last week. The price is slightly below the descending trendline shown in purple that connects the highest points on February 24, March 3, and today.
The price is also at the upper side of the Bollinger Bands while the two lines of the MACD have moved above the neutral line. Therefore, the BCH price may rebound but bulls will need to move above the descending trendline. If it rises, the key level to watch will be the resistance at $600.
