Bitcoin Cash remains under pressure following declining cryptocurrency transaction volumes. Notably, a series of bearish news in the recent past has reduced investor interest in digital currencies. One of the underlying reasons is the increased efforts by the Chinese and UK governments to crack down on cryptocurrencies.
Key crypto exchanges such as Coinbase, Bitstamp and Binance saw their trading volumes decline by more than 40% in June. This is according to recent data available by CryptoCompare. Nonetheless, Kaiko’s Clara Medalie reported that transaction volumes are still significantly higher than they were a year ago.
Since mid-May, Bitcoin Cash has registered a price drop of approximately 72.68%. During the same period, the Bitcoin price and the Ethereum price plunged 47.14% and 56.86% respectively.
BCHUSD technical outlook
Bitcoin Cash is still on a downtrend as the price remains below the crucial 500 turn resistance level. It is currently consolidating along the support level at 445. At the time of writing it was down 1.44 % to 449.53. On a 4 hour chart, it is trading below the 25 and 50 day EMA.
Bitcoin Cash price is likely to swing around the current support level of 445 as bears target a one-month low at 400. On the other hand, it could bounce back to find support at 500. For that crypto reverses its current price trend, bulls will need to break through the 200-day EMA at 550.
Bitcoin Cash Price Table
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