Here is Why Bitcoin Cash (BCH) Rebounded

Briefly –

  • Bitcoin Cash (BCH) had its price rebounding as the market has seen reduced fear.
  • The crypto market saw support from comments by Jack Dorsey and Elon Musk.
  • Bitcoin Cash registered increases as BTC surged past $31,000.

Bitcoin Cash saw price rebounded yesterday as global stocks and cryptocurrency rallied. As a result, BCH gained substantially from $382, the week’s low, to $430.

BCH Rebound Catalysts

BCH saw its price dropping drastically on Monday as greed and fear plunged to the lowest levels in 2021. Such a performance came as Delta virus cases rose in countries like Australia, Germany, the US, Australia, and the UK. Such news made people concerned about another lockdown even with the ongoing vaccination program.

Bitcoin Cash rebounded as that fear eased in the market. The CNN Money Fear and greed index fluctuated on Monday from 17 to 25. Meanwhile, the global stocks market saw price increases as well. Nikkei 225, Dow Jones, and FTSE 100 have recovered from Monday plunges.

Another thing that supported BCH surges is the Bitcoin bullish comments by Jack Dorsey and Elon Musk at the B-Word session. During the discussion, the Tesla executive admitted that he hold Bitcoin, Ethereum, and Dogecoin. Also, Musk said that Tesla and SpaceX have their BTC holdings waiting for an environmental-friendly business atmosphere.

Though Musk did not mention BCH directly, the high correlation among digital coins saw Bitcoin Cash riding bullish waves.

Lastly, Bitcoin Cash rebounded due to Bitcoin’s overall performance. The leading crypto surged to over $32,000 overnights after dipping beneath $30,000 earlier this week. For now, market indicators suggest buyers’ presence.

BCH Price Prediction

The 4-hr price chart indicates that BCH created a double bottom formation at the vital support near $382. The prevailing rebound remains partly as market players are unsure whether the asset will sustain above the support. The MACD starts to rise as the price rebounds, moving to the 50-period MA.

Therefore, BCH has chances to resume its downtrends since relief surges rarely last. If that happens, the altcoin might endure drastic losses beneath $382.

Will Bitcoin Cash sustain its rebounds? Comment below.