Plenty of traders hope to see some of the cryptocurrency markets rebound in the next few days. Whether or not any of the altcoins will be able to do so, remains unsure. As far as the Bitcoin Cash price is concerned, the downtrend doesn’t appear to be over just yet.
Can the Bitcoin Cash Price Rebound?
The past few weeks have been brutal for most cryptocurrencies, with plenty of red across the board. When looking at the Bitcoin Cash price chart for the past 30 days, it is apparent that the losses are mounting. After losing nearly 33% in value in 30 days, there doesn’t appear to be much to be excited about.
In mid-November of 2019, one BCH was valued at $264. Ever since that time, the Bitcoin Cash price has only drifted lower, together with all other cryptocurrency markets. When even Bitcoin itself is struggling, there is hardly any recourse of alternative currencies these days. Right now, one BCH is valued at $178, which is still a respectable value.
If the trading volume would be any indicator, one would expect the Bitcoin Cash price to be pretty bullish. Few currencies note nearly 30% of their market cap in trading volume, especially in 2019. There is also plenty of liquidity to go around, yet today’s $20 price drop shows that the market conditions remain incredibly rough.
Most of the BCH trading volume originates from BigOne, LBank, BiBox, and Huobi. Similar to other altcoins, four of the top five trading pairs are linked to Tether’s USDT. Only one pair sees traders exchange BCH for BTC and vice versa. Whether or not this will help the Bitcoin Cash price stabilize in the days to come, is impossible to predict.
In most cases, such an ongoing downtrend would be triggered by a wave of bad news for Bitcoin Cash. That is not necessarily the case this time around. The only notable development is how Coinfloor confirmed it will remove both BCH and ETH from its platform in early 2020. That in itself won’t cause much negative pressure, as Coinfloor never offered much trading volume for these pairs.
As far as the expert traders are concerned, it would appear that some expect further bearish pressure for BCH. Mycotoxin even expects the Bitcoin Cash price to drop a slow as $105 in the days and weeks to come. A very bleak outlook for the fifth cryptocurrency ranked by market cap.