Because the fear and greed index remained neutral at 50 in July, the value of Bitcoin Money (BCH) performed poorly. The coin decreased from the monthly high of $330.53 to a low of $230 in July.
shifting from cryptocurrencies to shares
As demand and volatility decreased, the value of Bitcoin Money stayed in a respectable range. According to information, the volume of cryptocurrency exchanged on exchanges fell precipitously in July. Even after numerous significant catalyst events over the month, this still happened.
For instance, data from the Bureau of Labour Statistics (BLS) showed that the Consumer Price Index (CPI) for America decreased from 4.1% to 3.0%. Private consumption expenditure (PCE) index, which is closely tracked, fell from 4.0% to 3.1%.
These figures suggest that the nation’s inflation is declining more quickly than was predicted. As a result, buyers believe that the Federal Reserve has successfully raised interest rates. Last Wednesday, it increased them by 0.25% to the highest level in 22 years.
Another significant piece of crypto news in July was Ripple’s partial triumph in its protracted legal battle with the Securities and Alternate Fee (SEC). According to her assessment, the judge found that XRP was not a financial security.
The value of Bitcoin Money afterwards likely decreased as investors switched from cryptocurrencies to shares. With the prior index rising by 42% this year, the Nasdaq 100 index and S&P 500 indices soared to their highest levels in months. As a result, it’s likely that many cryptocurrency buyers switched to investing in shares.
The BCH value has been fluctuating horizontally over the last few weeks, according to the 4H chart. The 50-period and 25-period shifting averages now represent it. Bollinger Bands are getting smaller. At $230.94, the coin has risen over the critical support level, which was its lowest point in July.
The Common True Variance (ATR) has declined while the Relative Energy Index (RSI) has dropped below 50. One of the most popular metrics of volatility is ATR.
Therefore, there is a chance that the indicator will remain in this consolidation phase during the next few days. In a strong environment, a dip below the assist at $230 will push it to the next assist at $200. A transfer at $266 will create the chance for Bitcoin Money’s value to increase to $300.
How to purchase Bitcoin Cash
Numerous cryptos, including Bitcoin, XRP, and others are available on eToro, along with crypto/fiat and crypto/crypto pairs. Customers of eToro can collaborate with, learn from, and copy or be copied by other customers.
Purchase BCH right now through eToro
Public Public is a trading platform that enables you to trade in shares, ETFs, cryptocurrency, and diverse assets including beautiful artwork and collectibles in one convenient location.