Bitcoin Cash Price Hovering Near Key Support Level of $277

  • Bitcoin Cash (BCH) is down in the last 24 hours, taking its price down to around $278.28.
  • The price of BCH approached a key support level yesterday of around $277.
  • Bears may not have enough power to break below the key support level that has been tested multiple times already.

Bitcoin Cash (BCH) is down in the last 24 hours, taking its price down to around $278.28 at the time of writing according to CoinMarketCap.

Currently ranked number 24 on CoinMarketCap’s list of crypto market caps, BCH has a market cap of $5.34 billion. This places it below UNUS SED LEO (LEO) with its market cap of $5.38 billion, and above Cosmos (ATOM) with its market cap of $5.3 billion.

The 24-hour trading volume for BCH has also gone down a bit, and stands at $4,285,353,283, which is a 3.20% decrease in the last day.

When looking at the price chart for BCH/USD, the price of BCH approached a key support level yesterday of around $277. Once the price dipped below the support level, the bulls did their best to push the price to just above the level. Today, the price seems to be hovering at that level with the buy and sell pressure equally matched as can be seen from the daily candle.

The chart shows that this is not the first time that this support level has been tested. The price previously tested the level in February twice, then at the beginning and mid of March, and tried to test it again around the middle of April. All of the previous tests were followed by a bullish move. Will this test be a repetition of what happened in previous tests?

The majority of the volume seems to be the sell volume. However, this level may prove to be too strong for bears yet again.