Briefly –
- Bitcoin Cash has experienced price pressure in the last few months.
- BCH dropped by over 70% from its YTD highs.
- On its daily price chart, BCH has created a death cross.
Bitcoin Cash saw price changes on Monday as most investors anticipated for the United States inflation data. At the moment, the altcoin trades at $487, 25% more from its June lows and 70% beneath the highest value in 2021. At the moment, BCH’s market cap stands at over $9.4 billion.
The Awaited US Inflation Data
Virtual currencies have calmed over the last few weeks. That is probably because of the lack of significant events and news touching on crypto. At the moment, most market players wait for the coming US inflation data to impact crypto prices, including BCH’s value. Remember, inflation is a vital factor that impacts all assets classes, including cryptocurrencies, currencies, commodities, and stocks. That is because inflation affects the monetary policies of the Federal Reserve. Increased inflation tends to cause a combative tone in the market and vice versa. Financial experts interviewed by Reuters believe the inflation data should indicate that the CPI (Consumer Price Index) increased by around 4.9% yearly in June, following 5.0% increases in the past month. Also, the economists trust that core CPI increased by 4.0% over last month.
The inflation statistics will come one week after Fed delivered the recent FOMC minutes. The minutes indicated that some FOMC members favored thinning the asset buys by banks. Bitcoin Cash remains in a crucial range as the overall market awaits the correct catalysts for price movements. Bitcoin might catalyze crypto movements as it seems to stabilize at the $34K support.
BCH Price Prediction
According to the daily price chart, Bitcoin Cash has struggled to find price direction over the last few days. However, the asset created a death cross. An event occurs when the 200-d MA and the 50-d MA cross over each other. Also, the altcoin has a shoulder and head pattern, indicating bearishness. With that, BCH has the possibility of bear dominance later in the week. However, it will confirm that by moving beneath the vital $400 support.
Be careful when interacting with a bearish market.
