Bitcoin Cash (BCH): Investors Should Prepare for This in SeptemberSeptember 13, 2022
Bitcoin Cash’s substantial positive correlation with the leading crypto, Bitcoin, could explain why the alternative tokens failed to produce double-digit surges within the previous week. BCH gained approximately 8% within the past seven days.
The world’s largest crypto surged only 10% in that timeframe. OKLink data shows Bitcoin Cash hit a high in mining difficulty over the last three months.
The metric hovered at 185,826.29 during this publication. Amidst this substantial milestone, declines in the token’s price and other vital on-chain metrics displayed cautionary signs. Let’s dig deeper.
What for This BTC-Forked Token?
Coinmarketcap data shows Bitcoin Cash changed hands at $128.45 during this publication. The altcoin dropped by 1% within the past 24 hours. The last three months saw the alt’s price hitting the $157 high during the final bullish move in July.
Downward actions saw the altcoin plunging by 18% to press time levels. Bitcoin Cash has explored this price zone three times: the broad market crash of August, the Terra-induced slump of June, and the slumps of March 2020.
This month has seen BCH’s price surging by 10%. Nevertheless, the token remained 97.05% away from its $4,355.62 all-time high. The daily chart highlighted decreasing buyer interest in extended BCH accumulation.
Though the asset’s Money Flow Index (MFI) and the Relative Strength Index (RSI) stayed beyond their 50-neutral regions, they maintained downsides at 53 and 56, respectively.
Moreover, the Chaikin Money Flow read -0.01, showing sellers dominating the Bitcoin Cash marketplace.
Wait, There’s More!
Though the past three months saw a consistent mining difficulty surge, OKLink data showed a dip in 24-hour transactions conducted within the network during that timeframe.
The platform had 23,552 transactions on September 10, representing a 75% decline in daily transfers within the past 90 days.
The network transactions dip saw average daily fees falling. The metric stood at 0.000015 $BCH during this writing.
Besides the consistent plunge in Bitcoin Cash’s price since July end plus the stable token accumulation slump, OKLink’s data showed single transfers exceeding 500 BCH plummeted by 79% within the past 90%.
Considering the prolonged stretch in the token’s MDIA (Mean Dollar Invested Age), any substantial price surge could be unattainable. Investors should be patient and careful when interacting with Bitcoin Cash.
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