Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC
While Bitcoin price is rising, it’s the Bitcoin Cash which has been seeing a rapid decline. The cryptocurrency market remains highly volatile as investors watch for signs of bullish or bearish momentum.
Bitcoin Cash, the alternative cryptocurrency to Bitcoin, has seen a recent spike in price. The price of Bitcoin Cash is currently $1,000. It’s predicted that by 2025 the price will be $30,000. Read more in detail here: bitcoin cash price prediction 2025.
Bitcoin (BTC) recovered from ten-month lows on May 11 as Wall Street trade resumed, providing some respite to bulls.
1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)
Another $860 million in bitcoin liquidations is expected one day.
BTC/USD erased the effect of above-expectation US inflation figures, topping $32,000 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
The Consumer Price Index (CPI) for April has driven the pair into a new downward spiral, with $30,000 giving way to depths not seen since July 2021.
As turmoil over Terra, its LUNA and TerraUSD (UST) tokens and co-founder Do Kwon continued, the mood remained firmly wary. The Crypto Fear & Greed Index measured sentiment with a normalized score of 10/100 on May 10, one of the lowest ever recorded.
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
“Could fall to $28,000 more or less,” prominent trader Crypto Ed predicted ahead of the CPI report in his last YouTube and Twitter post, adding that the downside was “not over yet.”
To confirm $32000 as support, #BTC must close above orange on a weekly basis.
So, what kind of short-term market structure would allow for a return over $32000?
A possible 4HR Ascending Triangle + Bullish Divergence might do it right now.
Meanwhile, according to statistics from on-chain monitoring site Coinglass, another $860 million in cross-crypto liquidations occurred in the 24 hours leading up to the time of writing.
Chart of cryptocurrency liquidations. Credit: Coinglass
Is Bitcoin harmful? Things might be a lot worse…
Away from Terra, the emphasis on the day was on Bitcoin hard forks.
Bitcoin price crushes BCH and BSV in 2021, according to little forkers
On May 11, Bitcoin Cash (BCH), which peaked at 0.1829 BTC in December 2017, had the unfortunate distinction of setting new all-time lows in BTC terms.
1-month candle chart for BCH/BTC (Binance). TradingView (source)
BCH, which has a new floor of 0.0068 BTC, has drawn mockery in the same way that its spin-off Bitcoin SV (BSV) has.
1-week candle chart for BSV/BTC (Bitfinex). TradingView (source)
“Bitcoin will serve as a reminder of why it is the king. The value of ALT and BTC is about to be determined “Benjamin Cowen, a pundit, stated.
“The narrative has been told before, and it will be told again. Do you want to meet up at 60% BTC? “inance.”
According to CoinMarketCap statistics, Bitcoin’s market dominance was 43.7 percent at the time of writing, up roughly 4% from January’s 2022 lows.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “will bitcoin cash reach 10000” is a question that has been asked many times. Bitcoin Cash reached its fresh record low against Bitcoin this week, as the price of BTC continues to rise.