Bitcoin Cash Breakout Is Imminent But Bulls Are Still Hesitant

A bitcoin cash breakout is imminent all thanks to the price surge in BTC over the weekend as reported in the Bitcoin cash news previously.

The BTC/USD pair traded above the $10,000 in the morning taking a few correlated assets with it. Recent reports also indicated that 77% of Bitcoin wallets are profitable despite the fact that the prices dropped below $5000 a month ago. At the same time, they presented a huge buying opportunity which seems to have paid off the traders who were able to secure their positions at the prices.

The reports in the best cryptocurrency news sites show that one billionaire even expects a lot of money in the Bitcoin forks such as Bitcoin Cash to follow into the DeFi industry that is growing immensely. The traders however are not too eager to do this just yet despite Bitcoin Cash getting dragged into the upside thanks to the latest BTC/USD breakout. Bitcoin Cash is trading at the top end of the horizontal range at 257 being the top level of this range. Any higher-level could extract a pull for a Bitcoin Cash breakout and if this happens, BCH will be able to target the $274 resistance level.

Further resistance targets are seen at the 0 and 8 while the 4 Is the ceiling level with the near-term potential upside targets.
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However, the attainment of these will solely depend on the strong move by BTC to the $11,000 price point which will then exert a similar correlated pressure for the BCH/USD pair. A rejection at the top end of the range allows for a pullback to the $238 support level with the lowest one being $208 standing to provide a new target if the prices decline further. Another breakdown of the range targeted the $195 level only if Bitcoin prices continue to fall down.

Also, regarding to the USDT issuing in the BCH blockchain, Bitcoin Cash supporters were aware that there were more than 6 million SLP-based USDT in circulation and the BCH blockchain explorer simpleledger.info shows that SLP-based tethers are circulating frequently. The number of BCH supporters discussed the benefits of SLP-based stable coins as well after the Tether USDT issuing of newly minted coins via Bitcoin Cash. Cointext CTO Vin Armani joined the conversation by tweeting a link that reported the millions of dollars worth of USDT stablecoins that were frozen in 40 addresses.