The Bitcoincash cryptocurrency, which was 'spun off' after Bitcoin's high-profile fork in 2017, is trading toda. 9% lower, almost 5 days after the halving, which took place on April 5. Since the 2023 low, the cryptocurrency has gained more than 300% at its peak. The cooling and retreat, which has been going on for several days, came on the day of the supply 'overfishing' programmed in the code, and from the peak level at $700 the project is currently losing about 15%. As a result, some investors are eyeing a possible, similar fact-selling scenario for, Bitcoin, where the long-awaited halving is likely to take place on April 20. According to Bloomberg sources, Hong Kong institutions are planning to set up their own spot ETFs, some of which could launch later this month.
Bitcoicash vs Bitcoin (gold chart)
Looking at the technical situation of BITCOINCASH, we can see that if the current scale of declines were to repeat the scenario of mid-2023, when we saw a similar in magnitude rally (from around $100 to over $300), we can expect a correction scenario even towards the 71.6 Fibonacci retracement of the January 2023 upward wave at $350, which would imply a nearly 40% decline from current levels. Much will depend on how Bitcoin reacts to the halving. Currently, the main support level is around $600 per share, and as long as this level is maintained, upward momentum may be maintained.
Source: xStation5
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