Bitcoin Cash (BCH) price has rebounded from its March lows. After a 4.31% drop on Monday, BCH to USD price is now trading 15% above the lows. Nevertheless, our analysis reveals that the high timeframe market structure remains bearish.
On Wednesday, BCH price slid by 1.8% after a 10% bounce yesterday. Bitcoin Cash is trading 22.5% below its yearly highs and appears to be in sideways consolidation. In terms of BTC, BCH has significantly devalued in the last couple of months.
BCH Remains Unfazed By Bullish CPI Report
The CPI data for April 2023 was released today. The latest figures showed that inflation increased by 4.9% during the last month. This was less than the estimated figure of 5% and hence resulted in a positive price action in cryptocurrencies.
Bitcoin price immediately surged above $28,000 after the release of the CPI report. Most altcoins also posted similar gains. However, Bitcoin Cash price remained unfazed by the positive news and remained negative. This suggests that the bulls don’t have enough gas left in the tank.
Bitcoin Cash Price Retests 200 MA
The following BCH price chart reveals that the price has been consolidating in a trading range for the past nine months. The top and bottom of this range lie at $165 and $95, respectively. Price has retested the bottom of this range multiple times, which has acted as a good support level.
A closer look a the daily chart depicts that the price has been consolidating around the 200 MA for the past few weeks. An acceptance below 200 MA will make Bitcoin Cash price prediction very bearish. In such an event, the first target for the bears could be the $95 support which is 25% below the current price.
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