Is Bitcoin Cash (BCH) Trending Bearish after Making Full Recovery?
Cryptocurrency token Bitcoin Cash (BCH) is down 1.24% today and has a price of $108.48 (BCH/USD). The coin has trended downward for much of the day so far, and its rate has been dropping gradually since late yesterday. This slight bear trend comes on the heels of news that the BCH price made a full recovery after Sunday’s steep drop.
A Quick Recovery
On the 11th, Bitcoin Cash fell from $109 to $104, a decrease of 4.5%. That looks especially steep when examining Bitcoin Cash over the 7-day range, as it is a major change in an otherwise quiet week. The token had a little trouble making its recovery efforts stick over the next day, but early on the 13th, Bitcoin Cash climbed steeply and had managed to achieve a rate of $110.27 later in the day.
This marked a full recovery in a short period of time and a slight improvement on the price from before. Buoyed by the quick turnaround, the BCH trading went from $123 million (every 24 hours) to $202 million in short order. This changeup between slow and fast movement is par for the course for this coin.
Where Is BCH Now?
At the time of writing, the Bitcoin Cash trade volume is at $149 million per 24 hours, down from its recent high but not as low as it was during the worst of the recent dip. It should be noted that BCH was trading as high as $271 million during some of that downturn, and there was obvious interest in buying low as investors anticipated Bitcoin Cash would soon recover.
That is exactly what the coin did, and it is now in a better place than it was before the dip. Even though we are seeing a slight bear trend at the moment, that could change as we head into the weekend.
It looks like we are currently seeing slowed trade volume and price movement for Bitcoin Cash that could continue for a little while. Investors may want to wait to buy in on BCH until the price drops again.
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