Bitcoin Cash has failed to spark interest among market participants causing its price to reach new all-time lows against Bitcoin.
KEY TAKEAWAYS
- The BCH/BTC trading pair dropped to a new all-time low of 2.31 million satoshis.
- Despite the downward price action, it seems like momentum is building up for a bullish impulse.
- If validated, Bitcoin Cash may rise towards 2.54 million satoshis.
The fifth-largest cryptocurrency by market cap, Bitcoin Cash (BCH), recently dropped to levels not seen in its 3-year history. Still, a particular technical pattern suggests it is time to buy.
BCH HITS NEW ALL-TIME LOWS
Bitcoin Cash’s major proponents have done everything in their power to expand the utility of this altcoin and overthrow Bitcoin from its 11-year reign as the leading cryptocurrency. The attempts have been varied, from increasing the block size limit to misleading crypto enthusiasts into buying BCH instead of BTC.
It now appears that these efforts have been in vain.
Bitcoin Cash has failed to spark interest among investors as well as some of the token’s most hardened advocates. Even Roger Ver’s mining pool, one of the leading figureheads behind the coin, almost entirely stopped mining BCH.
Today, the Bitcoin spinoff has a negative year-to-date (YTD) return of nearly 47% against the U.S. dollar. The losses are less grave when considering the BCH/BTC trading pair, which only posted a negative YTD of 35%.
Nonetheless, this altcoin recently made a new all-time low against Bitcoin.
On June 27, Bitcoin Cash plunged to 2.31 million satoshis, which is the lowest it has been since it was created in 2017. The last time BCH hit such low prices against Bitcoin was back in mid-December 2018 when it dropped to a low of 2.35 million satoshis.
BCH / BTC Daily Chart
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