BTC/USD exchange rate has gone up 2.21% from its preceding low 5,291 USD level, currently trading at 5,581 USD. The market capitalization of the currency has also slightly increased, but generally is still under the three-digit billion dollar valuation. Coinbase’s weekly chart displays the bitcoin-to-dollar trading pair testing the support levels of a huge falling wedge formation. From a technical standpoint, a falling wedge signals the possibility of breaking out, however, in Bitcoin’s case, the downtrend is somewhat incentivized by fuss around the hard fork procedure.
The BCH hard fork, which is currently in progress, has been blamed by some as the main culprit in the most recent cryptomarket crashdown. The software update had the original blockchain platform of Bitcoin Cash divided into two separate networks by the names BCHABC and BCHSV respectively. Cryptotraders are wondering if the token that branched itself off of the original BTC platform is affecting its older brother.
Most cryptoanalysts think that the declining trend is not over yet for BTC, and the currency is still seeking its bottom level. According to Stephen Innes’s prediction, the hard fork of Bitcoin Cash might disrupt the stability of the cryptomarket for a much longer period. As per the analyst, Bitcoin value has to keep falling down to break the psychologically challenging support level at 5,000 USD.
In the meantime, the worldwide cryptoexchanges have declared their intentions to support the new BCH option to better the current situation in the cryptomarket.