If we look at Bitcoin Cash, we can clearly see that the apple doesn’t fall away from the tree. The reason we are saying this is because Bitcoin recently went on a huge upswing and Bitcoin Cash followed right in its footsteps.
The BCH token was valued at $1,190 against the US Dollar a couple of days ago, but now it surged to $1,335. This shows a 5.36% price increases that occurred in the last 24 hours.
Bitcoin Cash Upswing
At first, the price reached $1,190 and it stayed there for a couple of hours. However, Bitcoin Cash then quickly rose to the $1,250 and then the $1,280 resistance levels. Luckily, Bitcoin Cash kept on growing until it reached the current value of $1,335.
Going over the $1,300 threshold is quite important because Bitcoin Cash has been struggling beneath it for a long while now.
Statistically speaking, Bitcoin Cash is now below the 23.6 Fib retracement level which was set by the $1,189 low and $1,365 high. We should also mention that this bullish line is forming with support at $1,280 according to the hourly BCH/USD chart.
Nonetheless, the trend line support sits around the 38.2% Fib retracement level which was also set in motion by the $1,189 low and $1,365 high.
Bitcoin Leads the Way
As previously mentioned, Bitcoin is the one who led the way for Bitcoin Cash. Bitcoin is the king of all cryptocurrencies and it’s recent upswing to $9,667.23 per token shows us why. We should also mention that the total market capitalization for Bitcoin sits at over $163 billion USD Dollars.
Things are finally looking good for Bitcoin since the cryptocurrency went below the $7,000 threshold a couple of days ago. Considering that this recent Bitcoin upswing is drawing more attention towards the cryptocurrency market we can be sure that other cryptocurrencies will benefit from this as well.