Bitcoin Cash News Today – Bitcoin Cash BCH Moves Above the $250 Level Before Downside Correction Kicks In – May 2nd, 2020 – Smartereum

Bitcoin Cash BCH News Today Bitcoin Cash BCH joined Bitcoin and the rest of the cryptocurrency market in the bull run during the week. The token moved to the $280 level before or faced resistance. Thankfully, the bears resumed control of the market as the bulls were unable to sustain their grip against the USD. The price of Bitcoin Cash BCH fell as low as $250 before the uptrend resumed again driving the price as high as $256 against the USD. Strong support was set at the 250 level.

With strong support firmly at the $250 Level, it is possible that the bulls havent lost their momentum. Moving higher against the USD will see the price of Bitcoin Cash retest the $280 level which it tested last week. If the bulls can move above this $280 level which now serves as strong resistance, higher highs to the $350 level will be possible. The next key resistance levels after this would be $440, $480 and $520. Otherwise, if the support at $250 is lost, there is a high possibility that the token will fall as low as $200 eventually. Apart from this crucial support, there are other key support levels at $160 and $120.

Bitcoin Cash (BCH) Price Today BCH / USD

The price of Bitcoin Cash BCH is currently below the 80% daily stochastic indicator. This proves that even though the bears are exhausting their momentum, there is still a fight between the bears and the bulls. The bulls are strong around the $250 level and would most likely support higher highs near-term. At the time of writing, the price of Bitcoin Cash BCH was $256.66. It is down by 0.89% against the USD and down by 0.79% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $3,156,941,123 and the market capitalization is $4,721,447,103.

It is important to note that the price of the BCH token is correcting lower along with the price of Bitcoin BTC and many other top cryptocurrencies on CoinMarketCap. Bitcoin BTC was unable to test the $9000 level despite the bullish pressure during the week. It is still holding strong at $8,883.22 and would hold this level as long as the bears dont put too much pressure on the market.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.