Bitcoin Cash price continues to decline following reports that China could be mulling to implement more measures to ban cryptocurrency trading.
Bitcoin Cash managed to jump to $3000 last week, but it was quickly down to $2500 in a matter of few hours. Bitcoin Cash hasn’t been able to avert the latest round of price declines and as of this writing is currently trading at just over $2,000 (global average).
This means that Bitcoin cash price failed to stay above the $2400 support area. The BCH/USD pair is expected to continue its decline further until some real positive developments show up. Analysts had predicted strong resistance at $2,100 levels but that didn’t materialize and the pair continued its decline towards $2100.
We saw a recovery wave in bitcoin cash price around the $2500 level against the US Dollar. However, the price failed to stay above the $2500 support since the $2550 level acted as a major resistance. As a result, there was a downside reaction from $2550. The price declined and broke a few important support levels including $2460 and $2400.
The next major support is at $2000 level. If it falls below the $2000 mark, chances are we can see BCH stabilize at around $1950.