2023-8-1 15:04 |
Bitcoin Cash, like other cryptocurrencies, remained in consolidation in July.
There are signs of rotation moving from digital currencies to stocks.
Bitcoin Cash (BCH) price had a difficult performance in July as the fear and greed index remained neutral at 50. The coin dropped to a low of $230 in July, down from the monthly high of $330.53.
Rotation from crypto to stocksBitcoin Cash price remained in a tight range as demand and volatility retreated. Data shows that the volume of cryptocurrencies traded in exchanges dropped sharply in July. This happened even after a number of important catalysts happened during the month.
For example, data published by the Bureau of Labor Statistics (BLS) showed that the America’s consumer price index (CPI) dropped from 4.1% to 3.0%. The closely watched personal consumption expenditure (PCE) index dropped from 4.0% to 3.1%.
These numbers mean that the country’s inflation is falling at a faster pace than expected. As a result, investors believe that the Federal Reserve has completed hiking interest rates. It hiked them by 0.25% last Wednesday to the highest level in 22 years.
Another important crypto news in July was the partial victory by Ripple in its long-running case with the Securities and Exchange Commission (SEC). In her judgment, the judge ruled that XRP was not a financial security.
Therefore, Bitcoin Cash price likely retreated as investors moved from cryptocurrencies to stocks. The Nasdaq 100 index and S&P 500 indices surged to the highest level in months, with the former soaring by 42% this year. As a result, there is a likelihood that many crypto investors moved their funds to stocks.
Bitcoin Cash price predictionThe 4H chart shows that the BCH price has moved sideways in the past few weeks. It has moved to the 50-period and 25-period moving averages. Bollinger Bands have narrowed. The coin has moved above the key support level at $230.94, the lowest level in July.
The Relative Strength Index (RSI) has moved below 50 while the Average True Range (ATR) has retreated. ATR is one of the most popular measures of volatility.
Therefore, there is a likelihood that the indicator will remain in this consolidation phase in the coming days. A drop below the support at $230 in a high environment will push it to the next support at $200. A move at $266 will open the possibility of the Bitcoin Cash price rising to $300.
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The post Bitcoin Cash price prediction as volatility and volume slumps appeared first on CoinJournal.
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