Bitcoin Cash is the most popular Bitcoin fork ever. At a time when Bitcoin forks are coming dime a dozen, only one of them has managed to grow to such heights! Bitcoin Cash started off in mid-2017 and hasn't even been in the markets for one whole year. However, there has been a significant rise in the acceptance of the currency and a number of organizations have backed BCH. Bitcoin Cash price too showed a number of highs over the months. Despite this backing and the support from the community, Bitcoin Cash seems to have been stuck in a downtrend of late.
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Bitcoin Cash has been a rare success story for currency forks. However, things have not been working out in the favour of this currency over the past couple of weeks. Especially during the bloodbath period of the past week, where many cryptocurrencies lost a significant price, Bitcoin Cash price too collapsed. However, unlike other currencies which have begun to recover, Bitcoin Cash price continues to fall in a downtrend.
The currency started the 24 hour period with a price of $721 and a market cap of $12.3 Billion. However, from where it ended the day at $695 and a market cap of $11.8 Billion. While this drop is quite big in itself, it is even bigger when you look at the broader picture – the week-long performance.
Bitcoin Cash began the week at a price of $978 and a market cap of $16.5 Billion. However, that was the highest point of the week as the currency kept falling. From $978, Bitcoin Cash fell to $695 and the market cap too, reached $11.8 Billion. The currency lost $4.7 Billion over the week!
As the graph above indicates, Bitcoin Cash is caught in a major downtrend. The currency's prices continue to fall as the line of resistance becomes thicker. It is expected that this fall will continue for another 3-4 days before the currency manages to break out. Even the chances of Bitcoin Cash price breaking out of the line of resistance is slim at the moment, yet a possibility. It won't be recommended to buy more Bitcoin Cash at the moment – till a positive recovery finally begins.
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