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The Bitcoin Cash price surged over 6% in the last 24 hours to trade at $648.57 as of 8:15 a.m. EST as investors scoop up as much BCH as they can.
The influx of buying power might be the result of investors stocking up on BCH following its recent halving.
With the decreased rewards, miners will likely start selling some of their reserves to fund their operations. This trend could continue until the adjusted supply and demand ratio is reflected in the Bitcoin Cash price.
Savvy investors will probably utilize this period to purchase BCH before its price potentially soars.
The Bitcoin Cash Price Challenges Major Resistance
4-hour chart for BCH/USDT (Source: TradingView)
The Bitcoin Cash price is attempting to overcome the key resistance level at $696.60. If it manages to close a 4-hour candle above this threshold within the next 12 hours, BCH could have a strong foundation to rise off of.
Traders might then enter into a long position for the crypto, which could introduce a wave of buy pressure. BCH might rise to the next major resistance at $1,031 in the following few days as a result.
Traders and investors will want to note that this is the second time the Bitcoin Cash price is attempting to overcome the $696.60 resistance level. At the start of the month, the altcoin was rejected by this barrier.
Therefore, a rejection from this key mark in the coming 24 hours might lead to the formation of a bearish double-top pattern on the 4-hour chart. This could potentially signal that BCH’s bullish momentum has died down, leading to a strong correction.
The Bitcoin Cash Price At Risk Of A Correction
In this alternative scenario, the Bitcoin Cash price might be at risk of testing the immediate support level at $544.6 in the following 48 hours. Continued sell pressure once the crypto potentially reaches this mark could then push it down to the subsequent support at $462.20 in the short term.
Technical indicators on BCH’s 4-hour chart are sending mixed signals. On one hand, the Relative Strength Index (RSI) is sloped negatively towards oversold territory. This is generally identified as a sign of diminishing buyer strength.
On the other hand, the Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line, which could indicate that BCH has entered a short-term positive cycle.
With Bitcoin Cash’s halving completed, investors are turning their attention to Bitcoin Minetrix as the original Bitcoin is set to slash its mining rewards in half within the next 15 days.
Miners Will Likely Flock To This Platform Post Halving
The Bitcoin Halving is an historic event that has been a catalyst for almost all of the crypto market’s past bull runs. This is mainly due to the fact that mining rewards are cut in half each time, making BTC more scarce and harder to come by in a sense.
BTC’s reduced mining rewards are, however, also expected to place a significant strain on smaller mining operators. These smaller miners will be forced to seek alternative means to replace the lost income, and could scramble to Bitcoin Minetrix.
Bitcoin Minetrix is an innovative cloud mining platform that aims to simplify BTC mining for everyone. Through its stake-to-mine model, Bitcoin Minetrix makes mining the leading crypto as simple as staking an ERC-20 token.
At the core of the platform is the project’s native BTCMTX token, which serves as a utility token in the Bitcoin Minetrix ecosystem. In order to claim a share of Bitcoin Minetrix’s cloud mining power, investors will need to purchase BTCMTX.
Once purchased, the tokens will need to be staked for “gas” rewards, which will have to be burned in order for token holders to claim their portion of the BTC mining power.
Given its central role on the platform, small mining operators flocking to Bitcoin Minetrix after the halving will likely cause BTCMTX’s value to skyrocket.
Investors Are Positioning Themselves For After The Halving
Crypto community members are already rushing to Bitcoin Minetrix in the build up to the halving event. To date, more than $12.8 million has been poured into the project’s presale.
Apart from Bitcoin Minetrix offering smaller mining operators a lifeline post halving, investors may also be rushing to Bitcoin Minetrix for the 55% APY currently being offered to anyone that purchases and stakes their BTCMTX tokens at this early stage.
🚀 @Bitfarms_io is gearing up for the #Bitcoin halving with a massive $240 million investment in upgrading its mining equipment! 💰
With the hash rate capacity tripled and efficiency boosted, how do you think this will impact the $BTC mining landscape?
Also another breakthrough… pic.twitter.com/UWDiaEqLfW
— Bitcoinminetrix (@bitcoinminetrix) April 3, 2024
Selling for just $0.0144, BTCMTX can be bought using either ETH, USDT, BNB, MATIC or a bank card. Anyone looking to buy the crypto will want to hurry because its price is set to increase within the next 20 hours.
Purchase BTCMTX on its official website here and gain access to a 55% APY.
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