Every day is exciting in the world of cryptocurrency. Although that excitement is sometimes difficult to justify, any market trend is worth keeping tabs on. Today, there is no action going on to take note of, albeit a lot of people wonder when the Bitcoin Cash price will return to $900 once again.
Bitcoin Cash Price Enters Sideways Mode
In the world of cryptocurrency, there are three different types of market trends. The upward momentum, which everyone favors, and there is the downward momentum, which some margin traders can benefit from. Perhaps the most boring of them all is the sideways momentum, which seemingly has a firm grip on the Bitcoin Cash price as of right now.
Although the Bitcoin Cash price holds its own near the $875 mark, it is not the value most holders are looking for. For a few days now, it seemed as if a push to 900 would materialize soon. Yesterday was almost that day, as this threshold was reached on two separate occasions. Unfortunately, it did not become the new Bitcoin Cash price support level just yet.
Instead, there has been a negative trend which eventually turned into sideways trading. As such, the Bitcoin Cash price lost 0.24% in USD value over the past 24 hours. It also lost 1,02% over Bitcoin, which is seemingly the main reason for this somewhat unexpected downtrend. Given the current market conditions, reaching $900 may not happen anytime soon.
Even though BCH has, unlike some other altcoins, no real problems in terms of trading volume, the numbers aren’t exactly exciting either. With just over $412 million 24-hour trading, the real demand for Bitcoin Cash has yet to materialize. Until that happens, no real Bitcoin Cash price changes will occur, which will undoubtedly make some people nervous.
OKEx is still a very popular platform for trading BCH. Its USDT and BTC pairs are both in the top three, separated by EXX’s. BTC market. HitBTC adds another BTC pair to the list, and Bitfinex’s USD pair closes out the top five. So far, it seems very little new capital is entering the BCH market, although things are always subject to change.
For those hoping for a Bitcoin Cash price of $900 and higher, the wait is far from over. It is evident the markets are still subject to a fair amount of bearish pressure first and foremost, which makes any sideways trading momentum a small victory of its own. With the weekend almost upon us, interesting things can happen, though.
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