Yesterday, Bitcoin Cash (BCH) rose to a high of $113.93 (BCH/USD), and it continued to rise early this morning. The crypto token peaked at $117.98 today and at the time of writing is down to $113.74. It’s been a mixed few days for BCH so far, and it looks like the ride could be downhill from here.
A fleeting recent history
Bitcoin Cash hovered around $102 for several days before turning bullish, as we expected. The coin fell hard after the FTX buyout, recovering about half of what it lost. It managed that massive loss and partial recovery over the course of a few days, going from $116 to $89 and then to $105.
From there, Bitcoin Cash slowed, but remained active over a narrower range. This coin started its bullish run on Monday and came out of the gates at the beginning of the week. It has been climbing ever since, until late this morning when momentum started to slow and the coin started falling.
The current trading volume for Bitcoin Cash stands at $363 million over a 24-hour period, which is about a 26% increase from yesterday. If the coin continues to fall, we should see trading volume change quickly.
Is it time to sell?
While we wouldn’t count BCH out of the bullish trend just yet, it may have peaked this morning and may be on a downward trajectory for a while. Investors should be prepared to sell their BCH tokens quickly if this trend continues.
The good news for Bitcoin Cash is that it has almost fully recovered from the crash earlier this month. It also sits at whatever is closest to the highest point of the month. These indicators show the resilience and potential for the currency to do very well in the coming weeks.