Bitcoin Cash (BCH/USD) reclaims $130 level after strong Tuesday finish

Bitcoin Cash (BCH/USD) reclaims $130 level after strong Tuesday finish

The Bitcoin Cash price (BCH/USD) has been the best performer in the cryptocurrency top 10 over the past 24 hours.

The fourth-largest digital coin on the market enjoyed some positive action on Tuesday, despite hitting a fresh 2019 low during the morning session. Having opened at $122.71, the digital currency experienced a drop to a low of $118.81 in late morning trading, which was its lowest price level since December 19. However, the situation changed completely during the afternoon portion of the session, when the Bitcoin Cash price surged toward the $130 mark. The coin rose to a three-day high of $131.50, before finishing the session at $128.44.

After the slight pull-back from yesterday’s high, Bitcoin Cash has rallied to retake the $130 level. The coin was able to break above the barrier in the early hours of today’s session. Since then, the coin has mostly managed to defend that level, even though it experienced a couple of drops to sub-$130 level during the morning session. Recently, BCH came within striking distance with the $132 mark, but just couldn’t break through the barrier. Still, at the time of writing, the Bitcoin Cash price was hovering just above $131, according to data from digital currency tracker Coinmarketcap.

In its technical analysis for January 23, website Ethereum World News noted that thanks to the recent rally, BCH had broken “a major connecting bearish trend line with resistance at $125 on the 4-hours chart”. This has opened the door for further gains, but for this to happen, Bitcoin Cash would need to overcome strong resistance at $140.

In today’s trading, the Bitcoin Cash price stood at $131.11, as of 14:03 GMT. The digital coin has gained 6.7% in the past 24 hours, Coinmarketap data shows. Its total market cap currently stands at $2.3 billion.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.

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