Zinger Key Points
- Bitcoin Cash, a cryptocurrency stemming from a 2017 Bitcoin fork, traded lower by 2.9% Tuesday.
- Bitcoin’s price has slipped from its recent highs, dampening bullish sentiment across the crypto market.
- Get New Picks of the Market's Top Stocks
Bitcoin Cash BCH/USD, a cryptocurrency stemming from a 2017 Bitcoin fork, traded lower by 2.9% to $483.68 during Tuesday’s session as Bitcoin's price slipped from its recent highs, dampening bullish sentiment across the crypto market.
What To Know: Bitcoin, the industry's flagship asset, was trading at $93,000 as of 11:00am EST retreating after nearing the $100,000 milestone. This resistance level has emerged as a critical psychological and technical barrier.
The broader cryptocurrency market reflected this slowdown, with Bitcoin-related equities also tumbling in pre-market trading. Analysts are signaling caution, citing overextended bullish sentiment and waning momentum. A prominent trader predicted that if Bitcoin fails to surpass $100,000, a correction to $85,600 could follow.
Bitcoin Cash, closely tied to Bitcoin's market trends, could face headwinds throughout Tuesday’s session as the overall market cools, underscoring its susceptibility to Bitcoin's price movements.
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