Despite a bullish sentiment in the crypto market, the Bitcoin Cash price is struggling to break a long consolidation zone. On April 11, the Bitcoin Cash price witnessed a marginal drop of around 0.93%.
At present, the Bitcoin Cash (BCH) price is trading at around $439.11 with a market capitalization of around $8.79 billion, according to CoinMarketCap. The daily trading volume also plunged by around 19% and currently revolves around $161.49 million.
As of now,the BCH price is currently facing a major consolidation zone under the Value Area low (VAL) volume at $444. If the price soars above this level and manages to hold that position, that could spark an upward momentum in the cryptocurrency. The next target for Bitcoin Cash would be the highest volume level, which revolves around $467.60.
The rally in Bitcoin was witnessed after President Donald Trump announced a two-week ceasefire agreement between the United States and Iran. This news has reduced geopolitical tensions and boosted investor confidence in risk assets such as cryptocurrency.
According to experts, the Bitcoin Cash price failed to maintain pace with the overall crypto market gains, including Bitcoin. The cryptocurrency experienced profit-taking among holders after a period of consolidation around major technical levels. The price movement comes after a short-term correction phase. This pattern also created a longer downtrend that has seen Bitcoin cash decline 21% year to date. This price movement has created a token reversing pattern from a support zone between $422.80 and $431.50 before facing resistance around $439.
While there is no major price action witnessed in recent weeks, sellers are still active despite the positive macro environment sparked by the ceasefire news.
According to TradingView, Bitcoin Cash is currently in neutral territory. The relative strength index stood in neutral territory around 42. This shows that the cryptocurrency is neither overbought nor oversold. The neutral state in the cryptocurrency is also highlighting that there is room for more movement in an upward or downward direction.
Moving averages are also giving mixed signals. These indicators are saying that short-term averages provide some support. On the other hand, longer-term ones, such as the 50-day and 200-day, are showing bearish pressure from the decline.
Apart from this, many other major developments are taking place within the Bitcoin Cash ecosystem. The upcoming Layla upgrade is expected to advance “scripting” capabilities. It will also open the doors for more complex smart contracts on the network, which developers expect to activate soon. These new upgrades will help the network to unlock new use cases beyond simple payments.
Bitcoin Cash has also released version 29.0.0 to optimize the performance of the network, including per-peer bandwidth limits. This will also reduce CPU usage to boost transaction speed.
Bitcoin’s price, along with other altcoins, has increased sharply after President Donald Trump announced a two-week ceasefire with Iran. Bitcoin was trading at around $68,000 on that day, and within hours of the announcement, the price soared more than 5%. This helped it to hit a high of $72,841.
The ceasefire news has reduced the fear of an escalation of extreme war in the Middle East. Oil prices dropped quickly because the deal opened talks to reopen the Strait of Hormuz.
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