The price of Bitcoin Cash is back in the planning stages as bulls rely on support near $100 to continue the ascent. The bankruptcy filings of FTX, Alameda Research, and related businesses placed more pressure on the cryptocurrency market. To prevent recurring dives below the $100 level, BCH must convert a crucial falling trend line into support. After bears extinguished a bullish flame that was lit early on Friday, the price of Bitcoin Cash (BCH) is now stabilizing over $100.
What should be expected
The weekend will probably be spent swimming through the muddy waters left behind by FTX (1) on the cryptocurrency market. The capacity of BCH to maintain above the important $100 threshold is the center of attention.FTX starts chapter 11 bankruptcy procedures. Amidst a financial crisis, FTX Exchange, Almeda Research, and connected firms (reportedly 130 in all) are filing for Chapter 11 bankruptcy. The exchange is in the news because of claims of financial misconduct.
FTX and its assets
Several ongoing investigations into FTX, its subsidiaries, and linked entities have revealed deeper issues. Additionally, the company announced on Friday that Sam Bankman-Fried, often known as SBF in the cryptosphere, had resigned as CEO to make room for John Ray III. Ray is taking over a dysfunctional business. He did, however, guarantee openness, diligence, and thoroughness in all ongoing investigations in a statement issued by FTX.
The FTX Group has assets that are valued. Can only be handled efficiently in a planned, collaborative procedure. Ray's statement states, He wants to ensure every employee, client, creditor, contract party, shareholder, investor, governing body, and other stakeholders that we will undertake this process with diligence, thoroughness, and openness."
The bitcoin industry will see another carnage in 2022 while the world watches. Ray reassures stakeholders and investors that his new team can make things right. Investors are worried about their holdings in the interim as the cryptocurrency market carefully longs for a comeback.
Any hope for a price rise?
The price of Bitcoin Cash can rise further, but bulls must first protect the support level at $100 and overcome resistance at $122.Can the price of Bitcoin evade the bears' fury? The price of Bitcoin Cash is under a lot of pressure, and the FTX news is not helping. Support at $100 is in place to limit its fall, and the course BCH takes in the next hours may be crucial.
After the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA, the Moving Average Convergence Divergence (MACD) signaled a sell (in red). The Relative Strength Index (RSI), which had been close to oversold at 30.00, has stabilized at 42.51. Both indications demonstrate how Bitcoin Cash tenuously maintains its price of over $100 when looking at the daily chart period. A daily closing below this mark might justify further falls into the support level at $90.