At press time, the cryptocurrency has depreciated by 7 percent in the last 24 hours, according to data source OnChinaFX. On Bitfinex, the largest market for BCH/USD trading, bitcoin cash fell to $1,479 today; its lowest level against the dollar since Jan. 17. As of writing, it is trading at $1,599.
The development follows a sharp recovery from the Jan. 17 low of $1,343, which witnessed a follow-through buying in the subsequent days. However, the move ran out of steam at a high of $2,110 on Jan. 20 and BCH turned lower again, thus creating a lower high pattern (bearish pattern) on the charts.
That said, the 7 percent drop seen today is largely in line with the weakness in other cryptocurrencies.
For instance, BCH’s rival bitcoin (BTC) has dropped by 5 percent in the last 24 hours. Further, Ripple’s XRP token and Stellar’s XLM token are down 8 percent each, while ethereum’s ETH cryptocurrency is down 2 percent…