Bitcoin Cash (BCH) Is Facing A Key Resistance Close To the $718 Mark

The value of Bitcoin Cash (BCH) recovered slightly over the past few hours, but the digital currency failed to surge over the $718 mark against the U.S. dollar. The price of the digital currency is still hovering in a bearish territory beneath the $725 mark. The recoveries of the digital currency towards the $725 level will likely face some hurdles on the way.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%
Bitcoin Cash (BCH)
$95.75
-4.97%

At the time of going to press, Bitcoin Cash (BCH) is trading at $708 after a decrease of about two percent over the past 24 hours. The current market cap of the digital currency is $11.95 billion and its trading volume over the past twenty-four hours is $321.29 million.

Bitcoin Cash (BCH) Price Analysis and Resistance Levels

Yesterday, there was a minor upward movement in the value of Bitcoin Cash (BCH) over the $700 mark. The value of the coin surged over the $710 mark, but it was capped on the upside. It appears that the 100-hourly SMA close to the $718 mark prevented more gains.

Also, the 61.8 percent Fibonacci retracement level of the previous swing from the high of $735 to the low of $684 also served as a hurdle for the upside movement of the coin. As a result of this, the value of the coin declined once again and traded beneath the $700 support level.

The digital currency even broke the previous swing low at the $684 mark and tested a new low at the $680 mark. An immediate is close to the 50 Fibonacci retracement level of the previous swing from the high of $718 to the low of $680.

The digital currency is currently trading at $708 and it is still facing a major resistance at the $718 mark. If the coin surges over this level, it will gather enough momentum to retest the $725 mark in the short-term. The next few days of trading will determine if the price action will change.

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