Bitcoin Cash (BCH) rises as market corrects.
Bitcoin Cash (BC) has been performing well in the cryptocurrency market despite the battle between bulls and bears. Its growth suggests that the bulls are currently in control of the altcoin, even though the broader crypto market has declined by 0.7%. At the time of writing, BCH has increased in value by 9.06% over the past day, and it is trading at $143.22. The altcoin has also experienced a 37.84% gain in the last seven days and a 27.10% increase in the last 30 days. This bullish momentum has allowed BCH to secure the top position among the highest-gaining coins in the past 24 hours.
Events Surrounding BCH Price Performance
It remains uncertain whether Bitcoin Cash will sustain its upward trajectory since the crypto market is gradually turning bearish. However, the sentiment remains relatively bullish, even though trading volume has declined significantly. Institutional interest is still high after the launch of EDX Market, a Wall Street-backed crypto exchange. The exchange listed four tokens, Bitcoin, Ether, Litecoin, and Bitcoin Cash, which caught the attention of crypto investors. The exchange also has support from Charles Schwab, Fidelity Investments, and Ken Griffin’s Citadel Securities. The launch of EDX is expected to facilitate institutional investments in crypto.
Bitcoin Cash’s price rally stems from EDX’s launch as one of the cryptocurrencies listed on the exchange. Additionally, the Securities and Exchange Commission’s view that most Proof-of-Stake network tokens are securities also drew attention to BCH. The token has been rising in the last seven days.
Bitcoin Cash is currently trading above the Bollinger Bands indicator, which signifies that the asset’s price has surpassed its usual volatility range. This metric could imply strong upward momentum or a potential breakout. Traders may view this as a bullish signal, indicating a potential continuation of the upward trend and possibly considering new buying opportunities. The asset’s Moving Average Convergence Divergence (MACD) is also trading above its signal line, with the histogram bars displaying long green candles. The position confirms the bullish momentum presented in Bitcoin Cash’s price, indicating a potential uptrend and long positions.
The asset currently trades between its primary support and resistance levels of $104.72 and $148.55, respectively. According to the chart, the bulls are strongly pushing the price toward the significant resistance level of $148.55. A potential bullish movement might follow if the price successfully breaks this resistance level.
- Is now a good time to invest in cryptocurrencies with Bitcoin at $30k?
- KAS price increases after CoinPal integration.
- Crypto price analysis for 6/23 BTC, ETH, BNB, XRP, ADA, DOGE, SOL, ...