{"id":509135,"date":"2022-11-18T07:39:04","date_gmt":"2022-11-18T07:39:04","guid":{"rendered":"https:\/\/wncen.com\/?p=509135"},"modified":"2022-11-18T07:39:04","modified_gmt":"2022-11-18T07:39:04","slug":"bitcoin-cash-on-downward-motion-since-breaching-105-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-cash-on-downward-motion-since-breaching-105-level\/","title":{"rendered":"Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why"},"content":{"rendered":"

There has been significant sideways fluctuation in the price of bitcoin recently, and it is currently trading in the $16,541\u00a0area. However, Bitcoin Cash<\/a>, a spinoff of BTC, has seen its value drop after passing through the $105 threshold.<\/p>\n

BCH may need BTC for a rally, as there is a strong market correlation between the two.<\/p>\n

At the time of writing, the token was trading at $102.21, which is far lower than the $126 price range that swiftly rejected any potential bull run. The current market environment is further adding to the unfavorable mood towards BCH.<\/p>\n

Related Reading: Quant Wallet Holders Reach More Than 90,000 \u2013 Time To Buy QNT?<\/a><\/div>\n

\"\"<\/p>\n

Image: TradingView<\/pre>\n
What Bitcoin Cash Metrics Show<\/strong><\/h2>\n
BCH’s price has been steadily decreasing since it was rejected at $165 earlier this year. However, as was previously mentioned, BCH is highly correlated with BTC, which is experiencing strong sideways motion at the present time.<\/p>\n
The BCH price may be affected by factors other than correlation. According to CoinGlass,<\/a> long traders are still active despite the current bearish market sentiment.<\/p>\n
As long as investors continue to cling onto Bitcoin Cash, the currency will continue to go sideways.<\/p>\n
In addition, position liquidation is rather minimal, coming in at $242,400. In spite of this, the data shows that the vast majority of liquidations are long positions, suggesting that long traders are selling their BCH at a loss.<\/p>\n
However, the presence of long traders indicates that the market sentiment is negative but relatively optimistic in the long run. Nonetheless, if the price falls below $99.47, the number of short traders will surely exceed the number of long traders.<\/p>\n
BCH: Bearish Market Prognosis<\/strong><\/h2>\n
A negative breach of the $99.47 price range might ignite a BCH market sell-off, pushing the price down $88.22.<\/p>\n
However, investors and traders should examine BCH’s association with Bitcoin, as the correlation coefficient sits at 0.94 as of this writing.<\/p>\n
Current market dynamics indicate a gloomy future for BCH. The last time the present trading range was observed was in 2018. This revisiting of the aforementioned trading range will surely enhance the market’s existing bearish momentum.<\/p>\n
With the cryptospace in risk with the FTX’s demise, a bull run in the coming weeks or months is unlikely. As market sentiment remains adverse, this crypto winter would push investors to keep or sell.<\/p>\n
Investors and traders could take advantage of BCH’s link with BTC, but if the market scenario deteriorates, they could anticipate further losses in the days to come.<\/p>\n
Related Reading: Why Ethereum Top Whales Are Accumulating ETH In \u2018Abnormal\u2019 Way<\/a><\/div>\n
<\/p>\n
BCH total market cap at $2.03 billion on the daily chart | Featured image from FXLeaders, Chart: TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
There has been significant sideways fluctuation in the price of bitcoin recently, and it is currently trading in the $16,541\u00a0area. However, Bitcoin Cash, a spinoff of BTC, has seen its value drop after passing through the $105 threshold. BCH may need BTC for a rally, as there is a strong market correlation between the two. At the time of writing, the token was trading at $102.21, which is far lower than the $126 price range that swiftly rejected any potential bull run. The current market environment is further adding to the unfavorable mood towards BCH. Related Reading: Quant Wallet Holders Reach More Than 90,000 \u2013 Time To Buy QNT? Image: TradingView What Bitcoin Cash Metrics Show BCH’s price has been steadily decreasing since it was rejected at $165 earlier this year. However, as was previously mentioned, BCH is highly correlated with BTC, which is experiencing strong sideways motion at the present time. The BCH price may be affected by factors other than correlation. According to CoinGlass, long traders are still active despite the current bearish market sentiment. As long as investors continue to cling onto Bitcoin Cash, the currency will continue to go sideways. In addition, position liquidation is rather minimal, coming in at $242,400. In spite of this, the data shows that the vast majority of liquidations are long positions, suggesting that long traders are selling their BCH at a loss. However, the presence of long traders indicates that the market sentiment is negative but relatively optimistic in the long run. Nonetheless, if the price falls below $99.47, the number of short traders will surely exceed the number of long traders. BCH: Bearish Market Prognosis A negative breach of the $99.47 price range might ignite a BCH market sell-off, pushing the price down $88.22. However, investors and traders should examine BCH’s association with Bitcoin, as the correlation coefficient sits at 0.94 as of this writing. Current market dynamics indicate a gloomy future for BCH. The last time the present trading range was observed was in 2018. This revisiting of the aforementioned trading range will surely enhance the market’s existing bearish momentum. With the cryptospace in risk with the FTX’s demise, a bull run in the coming weeks or months is unlikely. As market sentiment remains adverse, this crypto winter would push investors to keep or sell. Investors and traders could take advantage of BCH’s link with BTC, but if the market scenario deteriorates, they could anticipate further losses in the days to come. Related Reading: Why Ethereum Top Whales Are Accumulating ETH In \u2018Abnormal\u2019 Way BCH total market cap at $2.03 billion on the daily chart | Featured image from FXLeaders, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":509147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10765,428,10736,1144,14690,1557,4078],"class_list":["post-509135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bch","tag-bitcoin","tag-bitcoin-cash","tag-btcusd","tag-crypto-news","tag-cryptocurrencies","tag-technical-analysis"],"acf":[],"yoast_head":"\nBitcoin Cash (BCH) On Downward Motion Since Breaching $105<\/title>\n<meta name=\"description\" content=\"Data shows that the vast majority of liquidations are long positions, suggesting that long 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why","url":"http:\/\/wncen.com\/news\/bitcoin-cash-on-downward-motion-since-breaching-105-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-cash-on-downward-motion-since-breaching-105-level\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-5.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-5.png?fit=785%2C395"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bch","bitcoin","bitcoin cash","btcusd","crypto news","cryptocurrencies","technical analysis"],"dateCreated":"2022-11-18T07:39:04Z","datePublished":"2022-11-18T07:39:04Z","dateModified":"2022-11-18T07:39:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-cash-on-downward-motion-since-breaching-105-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-cash-on-downward-motion-since-breaching-105-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-5.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-5.png?fit=785%2C395\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bch\",\"bitcoin\",\"bitcoin cash\",\"btcusd\",\"crypto news\",\"cryptocurrencies\",\"technical analysis\"],\"dateCreated\":\"2022-11-18T07:39:04Z\",\"datePublished\":\"2022-11-18T07:39:04Z\",\"dateModified\":\"2022-11-18T07:39:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-5.png?fit=785%2C395","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509135"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=509135"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/509147"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=509135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=509135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=509135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}