Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here's Why

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

Timeline of Bitcoin-cash

Bitcoin cash rose to a one-week high in today's session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point.

The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion The market structure was bearish for BCH on higher timeframes A move past $110 toward $115 would likely be a place of interest for bulls and bears Over the past two days, Bitcoin has

The Caribbean island nation's prime minister said that the country is looking into becoming the third nation, after El Salvador and the Central African Republic, to adopt a cryptocurrency.

Dr. Terrance Drew, the prime minister of dual-island Caribbean country Saint Kitts and Nevis (officially the Federation of Saint Christopher and Nevis), reportedly made the shocking announcement on 12 November 2012.

Bitcoin Cash (CRYPTO: BCH), Ethereum Classic (CRYPTO: ETC), Litecoin (CRYPTO: LTC), Polygon (CRYPTO: MATIC), Shiba Inu (CRYPTO: SHIB) and Solana (CRYPTO: SOL) all spiked higher on heavy volume during U.S. pre-market trading and are trading around session highs Thursday afternoon. Several cryptocurrencies are trading higher in sympathy with major U.S. indices following key U.S.

Bitcoin Cash (CRYPTO: BCH), Ethereum Classic (CRYPTO: ETC), Litecoin (CRYPTO: LTC) and Solana (CRYPTO: SOL) are all falling sharply Wednesday afternoon. Shares of several altcoins are trading lower during Wednesday's session following a CoinDesk report suggesting Binance is leaning toward scrapping the FTX acquisition.

Bitcoin Cash has posted decent gains recently and climbed from $104 to $116 over the past week. At press time, the technical indicators showed the sentiment began to shift to bearish.

Bitcoin Cash (BCH) is in a downtrend, but is making an upward correction. The price of the cryptocurrency has risen above the moving average lines. However, the cryptocurrency is stuck below the 50-day line SMA.

Bitcoin Cash (CRYPTO: BCH) is trading higher by 4.29% to $113.42 during Tuesday afternoon. Shares of several altcoins are trading higher in sympathy with apex cryptocurrency Bitcoin and second-largest market cap crypto Ethereum and U.S. equities.

Sharing a statistically significant positive correlation with the leading coin Bitcoin [BTC], Bitcoin Cash [BCH] logged a decline in its price in the last week. According to data from the cryptocurrency analytics platform CoinMarketCap, the price per BCH coin fell by 8% in the past seven days.