Anticipation over the upcoming Bitcoin Cash (BCH) hard fork is having a major effect on Bitcoin Cash price moves this week. Following a meteoric rise that saw a 31% increase in seven days, the crypto seems to be cooling off to start this week. In the past 24 hours, Bitcoin Cash price is down 2%. Currently, it sits at $552 USD. Proponents, investors and hodlers remain confident, however, that the Bitcoin Cash hard fork will make this crypto an exception to the cryptocurrency market’s bearish trends.
Bitcoin Cash (BCH) Price Decrease
Bitcoin Cash price is down slightly today, about 2%. But proponents of the cryptocurrency say this is a sign of an upcoming impulse they hope will push the currency over resistance at $606. Despite the dip, hourly charts of BCH technicals do show bullish momentum.
Week-Long Bitcoin Cash Price Increase
Over the weekend, Bitcoin Cash (BCH) went from a Friday price of $425.5 up to $578, a 35.53% increase. But the hourly charts during that meteoric rise shows something important the crypto’s movement. This analysis reveals price fluctuations between the prior low of $425 and spikes to a $567 mark.
Then, the price breaks above that resistance point on November 3. Between the 3rd and 4th, the price pulls back slightly. This is a correction that has carried over to Monday, November 5, leading to the current price decrease.
Upcoming BCH Hard Fork
The November 15 hard fork of the BCH blockchain is one of the most anticipated crypto events ever. A hard fork is a fundamental change to an existing blockchain protocol. Like a fork in the road, it moves a cryptocurrency into an entirely new direction, creating a new coin.
Supported by major exchanges like Binance, the BCH hard fork is driving investor attention for precisely this reason. Investors are buying BCH in order to receive the equivalent amount of the new, not-yet-created coin. In fact, this same process created Bitcoin vs Bitcoin Cash in the first place. Many investors are betting that the upcoming hard fork will increase the value of the new coin.