BCH’s closing price of 2022 had this BTC connection, will 2023 be any different?
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BCH ended 2022 at a 2-year low
However, BCH witnessed a growth in coin distribution
Bitcoin Cash [BCH], was trading at $97.74 as of 31 December and closed 2022 at a two-year trading low, data from CoinMarketCap revealed. Also impacted by the severe decline in the cryptocurrency market during the year, BCH’s value dropped by 77%.
Per data from CryptoWatch, BCH shares a statistically significant positive correlation with leading coin, Bitcoin [BTC]. Hence its performance in 2022 mirrored that of the king coin.
Only for the bears…
An assessment of BCH’s performance on the daily chart revealed that it closed 2022 being severely oversold. In addition, indications derived from the daily chart showed that BCH had lost market control to the bears since 12 December.
A look at the Moving Average Convergence Divergence (MACD) revealed a downward intersection of the MACD line (blue) with the trend line (orange) since 12 December. Thus, kickstarting a new bear cycle for the altcoin. Since then, its price declined by 8%.
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