• Bitcoin Cash (BCH) price had a difficult performance in July as the fear and greed index remained neutral at 50.
• Data shows that the volume of cryptocurrencies traded in exchanges dropped sharply in July, likely because investors moved from crypto to stocks.
• There are signs of consolidation for Bitcoin Cash price as volatility and demand retreated.
Bitcoin Cash Price Performance in July
Bitcoin Cash (BCH) price had a difficult performance in July as the fear and greed index remained neutral at 50. The coin dropped to a low of $230 in July, down from the monthly high of $330.53.
Rotation from Crypto to Stocks
Data shows that the volume of cryptocurrencies traded in exchanges dropped sharply in July. This happened even after a number of important catalysts happened during the month, such as data published by the Bureau of Labor Statistics (BLS). The closely watched personal consumption expenditure (PCE) index dropped from 4.0% to 3.1%. As a result, investors believe that the Federal Reserve has completed hiking interest rates, leading many crypto investors to move their funds to stocks like Nasdaq 100 index and S&P 500 indices surged to their highest levels in months..
Partial Victory by Ripple
Another important crypto news in July was the partial victory by Ripple in its long-running case with the Securities and Exchange Commission (SEC). In her judgment, the judge ruled that XRP was not a financial security.
Bitcoin Cash Price Prediction
The 4H chart shows that BCH price has moved sideways into consolidation over recent weeks, moving above an important support level at $230.94 and below 50 on Relative Strength Index (RSI). Average True Range (ATR) has also decreased – indicating lower volatility for Bitcoin Cash price prediction going forward .