Bitcoin Cash price prediction bets have started to turn bullish after the BCH/USD pair spiked to 18-day highs.
This move followed similar movements on Bitcoin, which surged towards the 38K after rumours circulated that Amazon could start accepting cryptocurrency payments on its platform.
As Bitcoin Cash presently trades 8.64% higher on the day, two significant events preceded this upside move. Apart from JP Morgan’s decision to throw open investment in its crypto products to its retail clients, the online meet-up of the Crypto Council for Innovation which featured Elon Musk of Tesla and Twitter’s Jack Dorsey probably played a part.
In this meeting, co-founder of Coin Metrics Nic Carter debunked Musk’s view of Bitcoin being consuming energy in an environmentally harmful way. Other speakers debunked some popular myths about Bitcoin and set the stage for a round-table discussion between Musk, Dorsey and Ark Invest CEO Cathy Wood. This segment ended with unanimous support for the development and adoption of Bitcoin by Dorsey, Wood and Musk. This sets the tone for a hopeful return of the adoption of Bitcoin as a payment method by Tesla, an announcement that had set the market alight earlier.
Technical Levels to Watch
Bitcoin Cash sprang from the 459.72 support on Monday but could not generate enough bullish momentum to target the 539.55 barrier. Additional buying pressure is required to achieve this spot, which resisted the candles of 29 June, 4 July and 7 July. If this area is surmounted, 601.98 becomes the next target to the upside. 645.80 and 728.43 become available if 601.98 is uncapped.
On the flip side, a lack of buying pressure and a breakdown of 459.72 brings back 371.91 into the picture. Only a disintegration of this support allows bears unfettered access to 275.50, with 200.68 serving as an additional downside pivot.