BCH, APE Fall to 2-Month Low Wednesday – Market Updates Bitcoin News

Bitcoin fell to a two-month low on Wednesday as a red tide swept through cryptocurrency markets. The token is down more than 10% in today’s session, hitting its lowest level since July. Apecoin saw a similar fate, falling more than 10%.

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) fell to a two-month low in today’s session, after falling more than 10% earlier in the day.

Following Tuesday’s low of $125.15, BCH/USD fell to $111.37 on the hump day.

The decline sent bitcoin cash below a long-term floor of $112.00, hitting its lowest level since July 18 in the process.

BCH/USD – Daily Chart

As seen from the chart, this drop comes as the 14-day Relative Strength Index (RSI) failed to break through the ceiling at the 52 mark earlier this week.

The index is now closely tracking the 40.90 support point, with bulls pushing prices above the $112.00 support point.

Historically, there has been significant bullish pressure at this point, and even if this history repeats itself, we could see BCH return to $125.00 in the coming days.

Apecoin (APE)

Apecoin (APE) slipped in today’s session, with the token hitting multi-month lows.

APE/USD traded as low as $4.75 earlier today in less than 24 hours, dropping to $4.24.

Like BCH, today’s decline in apecoin comes as prices move below the key support point of $4.60.

APE/USD – Daily Chart

As a result of today’s lows, which saw prices decline by more than 10%, APE hit its weakest point since July 14.

The decline impacted the RSI, which moved to multi-month lows, with the index currently tracking below 30, in bearish territory.

Prices are now hovering near the $4.20 support point, with overall sentiment largely bearish, for now.

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Do you believe apecoin can reach $5.00 this month? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a multifaceted perspective to market analysis, having worked as a Broker Director, Retail Trading Educator and Market Analyst in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, WikiCommons, Sharaf Maksumov / Shutterstock.com

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