Why Bitcoin Cash Is Falling Today

Shares of several popular altcoins, including Bitcoin Cash (CRYPTO: BCH), are trading lower again Monday in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH).  Crypto is likely trading lower in tandem with major U.S. indices, which are lower following worse-than-expected May CPI.

Timeline of Bitcoin-cash

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin Cash [BCH] has been subjected to heavy sell-offs in the last six weeks post an up-channel (yellow) breakdown on 30 April.

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai. Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption According to the web page map.bitcoin.com, there

The price of Bitcoin Cash (BCH) is in a downtrend as buyers have pushed the cryptocurrency above the 21-day line SMA. The downtrend is likely to weaken as bulls have broken above the 21-day line SMA. The initial upside correction above the 21-day line SMA is encountering resistance at $210.

Post an up-channel (yellow) oscillation for over three months, it has more or less been a bear show in the Bitcoin Cash [BCH] market. An expected up-channel breakdown on 30 April set BCH in a bearish motion for nearly a month now.

As the broader market crashed all the way down to the $1.2T-mark over the last week, HODLers have been trying to stall the sell-off situation. But, they still need to inject higher volumes to sustainably modify the broader outlook in their favor.

The recent market-wide liquidations kept the broader sentiment within the bonds of ‘extreme fear' for a week now. Bitcoin Cash, Uniswap, and Stellar were susceptible to this sentiment as they took a significant plunge towards their yearly lows over the past two days.

The price of Bitcoin Cash (BCH) is in a downtrend after falling past the previous lows of January 2022. Currently, it has fallen to the low of $210 and has recovered. The current decline has reached the oversold area of the market.

Bitcoin fell by 9% the previous day, and across the altcoin market, short-term bullish setups were mercilessly wrecked. Just when coins like Bitcoin Cash and EOS appeared to break past their respective resistance levels, the intense sell-off forced them to suffer a sharp drop in prices.

Roger Ver, the early Bitcoin (BTC) evangelist-turned Bitcoin Cash (BCH) supporter known as ‘Bitcoin Jesus', is now voicing his support for Dogecoin (DOGE), calling it better than BTC. The strange turn of events comes as BCH continues to lose ground against its competitor BTC.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin Cash (BCH) sellers quickly pulled off a notable plummet from the 11-month $719 resistance.