Should the bears maintain or increase their pressure, the support zone of $501 will be broken and expose the support zone of $410 for Bitcoin Cash price to find its low.
There is a huge competition between the opposite mining pool camps for the hash rate occupancy to gain dominance over the network.
Bitcoin Cash is falling for the fourth day in a row. In Thursday, August 2, Bitcoin Cash is trading at $749.70 and is heading down by 2.5%, reports Dmitriy Gurkovskiy, Chief Analyst at Roboforex.
The well-known cryptocurrency investor strikes an upbeat tune about Bitcoin Cash (BCH) despite its steady decline in price in the wake of recent hard fork that he called an upgrade.
Bitcoin Cash, launched on August 1, 2017 as a result of dividinng Bitcoin, is making several upgrades today. The most sufficient changes are increasing of the maximum blocksize from 8 to 32 MB, adding or reactivating several Bitcoin script operation codes.
As the debate for the real Bitcoin escalates, billionaire investor Mike Novogratz makes it clear that BTC is the real one and the “digital gold”.
As soon as London Block Exchange had added a powerful Bitcoin derivative coin to its terminals, the price of Bitcoin Cash bounced up more than 11% and it continues to go upwards while outpacing other major cryptocurrencies.
Bitcoin Cash price rise together with growing interest towards this altcoin from the side of crypto enthusiasts make BitPay change its decision and add BCH support.
The overall crypto market valuations have touched $420 billion as Bitcoin Cash and EOS post 10% and 15% gains respectively.
While crypto market continues its positive show with Bitcoin Cash as the show-stopper, analysts remain bullish on the future.