Cryptocurrency market update: Bitcoin Cash jumps 10% on Bitmain IPO, Bitcoin Gold rises 14% as Bitcoin sits above $6,500

Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.
South Korea’s Bithumb adds more liquidity for Bitcoin Gold; traders celebrate.
Bitcoin is back above $6,500 but lacks moment for further movements.

Bitcoin Cash is among the mid-week best performers recording gains of 10% on the day. As discussed in an earlier published price analysis, traders moved to take their positions following the news that Bitmain, the giant firm that mines Bitcoin was moving towards an IPO. The firm is currently valued at $12 billion and is reported to have made a profit approximately $742.7 million in the period ending June 2018. Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.

Bitcoin Cash technical picture

Bitcoin Cash is currently trading at $569 after breaking out of a short-term bullish flag pattern that consolidated the gains at above $510. The price is trading above the moving averages (both 50SMA and 100SMA0 on the hourly chart. The trend has stalled at $580 but the prevailing trend is bullish. This means that Bitcoin Cash is likely to test $600 before the close of the session on Thursday.

BCH/USD 1-hour chart

Bitcoin Gold goes ballistic

Bitcoin Gold is another asset that is making incredible heady way in Thursday’s trading sessions. It is up a whopping 14% on the day after breaking technical levels at $23.00. Prior to the surge, the crypto was bound in a range below $23.00 while supported marginally above $21.00. The gains today have been triggered by Bithumb exchange decision to increase BTG liquidity citing investor confidence. BTG/USD is testing $29.00 on the upside while trading at $27.8.

BTG/USD 1-hour chart

Bitcoin technical picture

Bitcoin, on the other hand, has pulled back above $6,500. The asset rejected the support at this level on Wednesday resulting in a drop that was stopped at $6,450. At the moment, Bitcoin price is changing at $6,502. The moving averages are working a support and resistance as observed on the hourly timeframe chart. The dominating trend is bullish but the buyers do not have the strength to push for a higher retracement.

BTC/USD 1-hour chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.