Bitcoin Cash (BCH), a Cryptocurrency derived from a 2017 Bitcoin fork, traded down 2.9% at $483.68 during Tuesday’s session, as the price of Bitcoin slipped from its recent highs, dampening bullish sentiment across the cryptocurrency market.
What you need to know
Bitcoin, the industry’s flagship asset, was trading at $93,000 at 11:00 EST, retreating after approaching the $100,000 milestone. This level of resistance has emerged as a critical psychological and technical barrier.
The broader cryptocurrency market reflected this slowdown, with Bitcoin-related stocks also falling in pre-market trading. Analysts are cautious, citing excessive bullish sentiment and declining momentum. A prominent trader predicted that if Bitcoin fails to break above $100,000, a correction to $85,600 could occur.
Bitcoin Cash, closely tied to BTC market trends, could face headwinds throughout the Tuesday session as the broader market cools, underscoring its susceptibility to Bitcoin price movements.
You can also read: Altcoins will dominate the market if Bitcoin remains between $94,000 and $95,000
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