Since the start of 2018, the crypto market started receding from the December 2017 highs. Throughout the past 15 months, the bears have roared and ruled the entire market. However, a glimpse of hope came at the start of April when bitcoin surged and took the entire market up with it.
Although the reason for the recent uptick is still a mystery, it was welcomed to break the persistent crypto winter. For the past two weeks, Bitcoin seems to be consolidating gains above $5,000 before taking the next direction. The recent Bitcoin SV quagmire was expected to benefit BTC more but that is not the current situation.
As Bitcoin SV took a battering with the #DelistBSV campaign gaining momentum, the crypto market went to sleep except Bitcoin Cash.
BCH Price Analysis
As the entire crypto market sinks slightly, only Bitcoin Cash is throbbing. Its price climbed higher hours after Binance delisted BSV and settled above the $300 support level against the USD. The BCH/USD pair gained further traction currently hovering around the $317.6 level representing a 6.5% gain in the past 24 hours.
The current charts show many positive signs and it seems like the price may rise past the $320 and $325 levels in the short term. On the other hand, if a plunge arises, the main supports appear at $300 and $295.
The total cryptocurrency market cap hourly chart shows the total cap hovering around $172.7 billion currently. At some point in the volatility episodes arising from the reaction to the DelistBSV campaign, the market cap plunged to the $158.0B and $160.0B support levels. Since then, the markets rose towards the $175.0 billion but failed to overcome that resistance.
For now, the entire market is ailing and gradually losing ground except for BCH that seems to offer a glimmer of hope in the darkening skies. If the bears take over violently, the total market cap could retest the $160.0 billion support level. However, as long as the market cap is above $170 billion, it could climb higher.
For now, the delisting of BSV seems to be suppressing the general markets. However, the further effect on the markets and the direction that they will take due to the BSV-exchanges standoff, only time will tell.