Bitcoin Cash (BCH) was able to experience a channel breakout. However, the cryptocurrency still didn’t pass the significant test. During the early hours of trading today, Bitcoin Cash broke out of the descending trendline but it still needs to break a key resistance if the breakout is to be sustained. The breakout on short-term channels are clear but unless the key resistance is crossed, Bitcoin Cash will not maintain an uptrend.
Bitcoin Cash (BCH) to USD Price Analysis
Against the USD, Bitcoin Cash is up by 0.35% currently trading at $709.85 in a narrow band. The hourly charts show that the price has broken out of the descending trendline but a horizontal trendline is standing as resistance for the bulls. There is an immediate support at $701 which is around the upper end of the descending trendline. The resistance is at $713 according to the price analysis on FXStreet. It would be difficult for Bitcoin Cash (BCH) to cross this resistance short-term.
Bitcoin Cash is 49% Centralized?
For the last 24 hours, the rumor in the cryptoverse has been that 49% of the Bitcoin Cash network is centralized. Allegedly, the platform is plagued by node centralization. The information was disclosed by BitPico, the hacker group that promised to attack the Bitcoin Cash network weeks ago. The group shared a screenshot with the allegations which showed that 98% of the BCH IP addresses were close to each other. A Twitter user claimed that the IP addresses were hosted on a cloud farm owned by Alibaba.
Bitcoin Cash (BCH) Price Today – BCH / USD
The hacker group claimed that the Bitcoin Cash network spends over $102 million on nodes yearly. They also said that Alibaba controls 49% of all the nodes on the network.
Recently, Bitcoin Cash tried to ban four-fifth of all the IP addresses that were associated with the hacked group giving more evidence of centralization. BitPico isn’t the only group that has accused the Bitcoin Cash network of centralization. However, this isn’t good news in a time when the price of the cryptocurrency is struggling.