{"id":23182,"date":"2023-08-30T17:05:43","date_gmt":"2023-08-30T17:05:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sellers-pounce-after-21-bch-spike\/"},"modified":"2023-08-30T17:05:43","modified_gmt":"2023-08-30T17:05:43","slug":"sellers-pounce-after-21-bch-spike","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sellers-pounce-after-21-bch-spike\/","title":{"rendered":"Sellers pounce after 21% BCH spike"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688131482986-9c770eb2-131c-4a46-b343-983444873e40-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688131482986-9c770eb2-131c-4a46-b343-983444873e40-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688131482986-9c770eb2-131c-4a46-b343-983444873e40-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688131482986-9c770eb2-131c-4a46-b343-983444873e40-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin Cash price is down 5% on the day after rising 21% on Tuesday as Grayscale news helped push BCH to above $228.\u00a0<\/li>\n<li dir=\"ltr\">Sellers could push the altcoin\u2019s price lower amid broader market\u2019s profit taking deals.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin-cash\/\">Bitcoin Cash<\/a> (BCH) was one of the biggest gainers Tuesday after crypto surged on news of Grayscale\u2019s court victory against the US Securities and Exchange Commission (SEC).<\/p>\n<h2 dir=\"ltr\">Bitcoin Cash paring gains after huge spike<\/h2>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/bch\/\">BCH<\/a> rose to $228, rising a notable 21% on the day as the market repriced news of a Bitcoin ETF approval. The altcoin ended the day 18% up. Santiment <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1696665294108766417\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> the chart below showing BCH led the crypto spike.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcca After the news of <a href=\"https:\/\/twitter.com\/hashtag\/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw\">#Grayscale<\/a>&#8216;s victory over the <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a> quickly lifted <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> markets, the biggest notable beneficiary actually has turned out to be <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinCash?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinCash<\/a>, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the <a href=\"https:\/\/twitter.com\/hashtag\/ETF?src=hash&amp;ref_src=twsrc%5Etfw\">#ETF<\/a> news was first <a href=\"https:\/\/t.co\/HzEEEqZqIt\">pic.twitter.com\/HzEEEqZqIt<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1696665294108766417?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Bitcoin Cash is however trading 5% down on the day as can be seen in the chart below. Sellers appear to be taking control after rejection at the critical horizontal level that also marked the point of further downward moves in mid-August.<\/p>\n<p dir=\"ltr\">The daily chart shows price is above the 100 SMA, which provides support near $198. The daily RSI is also still above the 50 mark. However, it\u2019s beginning to slant to suggest possible selling pressure. Key price levels to watch are $183 and $252.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/07\/30\/1693410919322-b6282358-12b2-4496-964d-41093c0f7561.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"267\"\/><span class=\"fr-inner\">Bitcoin Cash price chart. Source:\u00a0<a href=\"https:\/\/www.tradingview.com\/x\/G0XpMiyO\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">Bitcoin Cash price also <a href=\"https:\/\/coinjournal.net\/news\/heres-why-the-bitcoin-cash-bch-price-has-just-gone-parabolic\/\">jumped in June<\/a> when a host of Wall Street companies looked to embrace crypto with a series of ETF filings.<\/p>\n<\/div>\n<p dir=\"ltr\">At the time, BlackRock-fueled positivity sent Bitcoin to above $31k and Bitcoin Cash rose to above $329 \u2013 partly driven by the unveiling of Fidelity-backed crypto exchange EDX Markets. BCH was one of four crypto assets EDX Markets supported.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-cash-price-outlook-sellers-pounce-after-bch-spike-above-220\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin Cash price is down 5% on the day after rising 21% on Tuesday as Grayscale news helped push BCH to above $228.\u00a0 Sellers could push the altcoin\u2019s price lower amid broader market\u2019s profit taking deals. Bitcoin Cash (BCH) was one of the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":23183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23182"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23182"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23183"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}