Bitcoin Cash (BCH) Price Analysis: What to Expect if BCH Loses $230 Support
Bitcoin Cash (BCH) bulls have managed to prevent a significant price drop below the $230 support level in recent times. However, on-chain data suggests potential price movements if the bears eventually take control. Here’s what you need to know:
- Long-term holders continue to cash out, impacting BCH prices.
- Profit-taking trend among bears has not diminished.
- BCH Age Consumed spiked, indicating long-term holders are still selling.
The BCH price momentum remains largely neutral despite pressure from long-term investors booking profits. Here’s what you need to know:
- Relative Strength Index (RSI) data shows BCH price momentum is still neutral.
- Recent price movements indicate a relatively balanced market.
- Strategic BCH network participants have been buying up, adding fresh demand.
Bitcoin Cash will likely consolidate above the $200 support level and may see a potential rally. Here’s what you need to know:
- BCH is expected to consolidate above the $200 support level.
- IOMAP data suggests a significant supply wall around the current price boundaries.
- If the support level gives way, the next buy-wall at $205 could prevent BCH from dropping below $200.
Hot Take: While BCH faces selling pressure from long-term investors, the neutral price momentum and potential demand from strategic participants may help it hold above the $200 support level and potentially rally in the future.
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