Positive and Negative Developments Affecting the Price of Bitcoin and BCH Coin - COINTURK NEWS
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Positive and Negative Developments Affecting the Price of Bitcoin and BCH Coin

3:05 pm (75 days ago)
September 24, 2023

Despite the negative trend in the price of Bitcoin, it is positive that it can still hold at $26,500 at the time of writing. Next week is expected to bring important developments and an increase in volatility in cryptocurrencies. On the other hand, Bitcoin’s rival altcoin could see another $100 increase following its significant recovery with EDX Markets.

Crypto Currency Comments

We shared the details about the significant developments expected to happen next week hours ago. The historically low volatility period in the price of Bitcoin may soon come to an end. There are numerous developments that can trigger this in a positive or negative direction. Let’s take a look at some of them that could have a positive impact:

  • The SEC’s request for appeal on the summary decision of Ripple may be rejected in the coming days.
  • The deadline for the SEC’s appeal against the GBTC decision will expire within 15 days.
  • In early October, the second dates for ETF approvals are coming. Since the GBTC decision will be finalized on this date, a possible approval can be a pleasant surprise.

So, what are the factors that could trigger volatility in the opposite direction?

  • If FTX and SilkRoad BTC sales start simultaneously, a major wave of escape could be seen in the market.
  • The US Department of Justice may announce the expected Binance case.
  • The price of oil may exceed $100 and DXY may surpass the 110 region.

BCH Coin Price Predictions

Putting aside all the good and bad news, BCH Coin price is sending signals of volatility. The BCH price is struggling to make a breakout rally, moving horizontally between the 50-day EMA and the overall resistance of $228.

Despite the 18% jump a week before the consolidation, the BCH price movement indicates a potential double top formation in the range. The price of Bitcoin Cash traded at $208.84 is struggling to stay above the 50-day EMA, supporting the possibility of a drop to $190. Considering that the upward trend cannot continue above the 50-day EMA, it could lead to the 200-day EMA dropping below, causing a death cross.

From a technical perspective, although the short-term outlook indicates a decline, a strong break above the $228 region could result in an increase of approximately $100, approaching $300. The crypto trading platform launched under the auspices of trillion-dollar asset management companies, EDX Markets, has revived the forgotten BCH Coin.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research before making transactions.

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