What Bitcoin Cash [BCH] investors should be prepared for this month

ambcrypto.com:

Registering an 8% price uptick in the last seven days, Bitcoin Cash’s [BCH] significant positive correlation with Bitcoin [BTC] might have been the factor responsible for the asset’s failure to log double-digit gains in the last week.

The price of the king coin itself grew by just 10% within the same period. 

According to data from OKLink, BCH has just clinched its highest mining difficulty level in the past three months. At press time, this was pegged at 185,826.29. 

Source: OKLink

However, despite this significant milestone, the decline in the price of the coin and other significant on-chain metrics sent out cautionary signals. So let us have a look.

According to data from CoinMarketCap, BCH traded at $128.45 at press time, posting a 1% decline in price in the last 24 hours. Within the past three months, the asset’s price touched a high of $157 towards the tail end of the bullish run in July.

Since then, it has declined by 18%. The last three times BCH traded at this price level were during the general market downturn in August, in June following the collapse of Terra, and in March 2020. 

So far this month, the price per BCH has increased by 10%. However, the asset was still 97.05% shy of its all-time high of $4,355.62, which it registered five years ago.

On a daily chart, buyers’ interest in further accumulating BCH appeared to be diminishing. Although positioned above the 50-neutral spots, the assets’ Relative Strength Index (RSI) and (Money Flow Index) were spotted in downtrends at 56 and 53, respectively.

Furthermore, at a negative -0.01, the coin’s Chaikin Money Flow (CMF) showed that sellers were beginning to take over the BCH market.

Source: TradingView

Despite the consistent growth in mining difficulty in the past