Bitcoin Cash

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-cash-price-shifts-upward" rel="noopener noreferrer nofollow">Bitcoin Cash Price Shifts Upward</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/forecasting-bitcoins-future-expert-predictions-on-long-term-value" rel="noopener noreferrer nofollow">Bitcoin</a> Cash (BCH) showcases promising signs of a price rebound, potentially climbing back to the $450 mark. This optimistic outlook is bolstered by a noticeable reduction in investor sell-offs. Currently, BCH is trading above the critical support level of $430, which has historically been a precursor to price recoveries. This trend suggests that a similar upward movement could occur in the coming days.</p>
<h2 id="what-s-driving-bch-s-potential">What’s Driving BCH’s Potential?</h2>
<p style="text-align: justify">The recent upward trend in BCH price is underpinned by the behavior of its holders. The Market Value to Realized Value (MVRV) ratio, which measures investor gains and losses, remains below zero. A 30-day MVRV of -8.1% indicates that <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a> are currently experiencing losses, suggesting a phase of accumulation. Historically, BCH prices have corrected at MVRV levels between -6% and -24%, marking this period as an opportune accumulation phase.</p>
<p style="text-align: justify">Indicators show potential for a rise in Bitcoin Cash’s price. Positive investor behavior supports this, with most active addresses engaging in profit-driven transactions. Notably, only 6% of active addresses are currently profitable, indicating that the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a> is not saturated with profit-seeking sellers.</p>
<h2 id="how-does-the-chart-analysis-look">How Does the Chart Analysis Look?</h2>
<p style="text-align: justify">Bitcoin Cash’s price has climbed above the crucial 23.6% Fibonacci Retracement level of $430. This level has repeatedly acted as a support base during bear markets, with historical recoveries following its testing. With altcoin investors providing support, there’s anticipation for a similar outcome, potentially driving BCH up to the 38.2% Fibonacci retracement level of $450.</p>
<p style="text-align: justify">This level serves as a significant psychological support, potentially fueling further price increases. However, a previous attempt to breach this level failed, suggesting that another failed attempt could see BCH falling back to $430. Should the price dip below this, it might descend to $410 or $400, nullifying the bullish outlook.</p>
<h2 id="takeaways-for-investors">Takeaways for Investors</h2>
<p style="text-align: justify">• BCH is trading above a critical support level, signaling a possible price recovery.<br> • The MVRV ratio suggests a current accumulation phase, historically leading to price corrections.<br> • Only a small fraction of active addresses are profitable, indicating a lack of selling pressure.<br> • A breach of the $450 mark could further drive BCH prices upward, while failure to do so might result in a decline.</p>
<p style="text-align: justify">Investors should monitor these key levels and investor behaviors to make informed decisions. The current market dynamics point towards a potential price increase, but caution is advised given the volatility.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-cash-price-shifts-upward" rel="noopener noreferrer nofollow">Bitcoin Cash Price Shifts Upward</a></h5>

Bitcoin Cash Price Shifts Upward

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