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Bitcoin Cash (BCH) Breaks $230 Barrier: Time to Long?

28.09.2023
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Bitcoin Cash (BCH) Breaks $230 Barrier : Time to Long?

  • Bitcoin Cash trading volume has surged 175% in the past 24 hours.
  • Traders eye the $240-$250 range for potential gains.

Bitcoin Cash (BCH), a cryptocurrency that forked from Bitcoin, has been creating a buzz in the crypto market with its recent performance. It has surged to a two-month high of $234, marking an 8% increase in the past 24 hours. This price range has been long-awaited by traders who have closely watched BCH’s price.

Moreover, as a rare event during a bearish market, BCH bulls have managed to sustain their momentum for the past two weeks. It resulted in a 21% rise over the past 30 days. It’s worth noting that the month began with BCH valued at a low of $192. And by the second week, it had dipped to $178 due to intense bearish pressure.

Simultaneously, BCH’s trading volume has increased by a remarkable 175% in the last 24 hours, reaching $460 million. During the same period, its market capitalization has seen a 9.25% surge, reaching $4 billion.

Meanwhile, a noteworthy development is the substantial losses suffered by BCH shorts in the derivatives market over the past 24 hours. Short positions incurred losses totaling $650,000, constituting a significant 95.11% of the total liquidations within this timeframe, according to data from crypto data analysis platform, Coinglass.

This widespread liquidation of selling positions has favored buyers. It led to a notable 51% share held by long positions in the exchange long/short ratio.

Also, It’s essential to recognize that BCH is still quite distant from it’s all-time high, which was achieved six years ago, with a substantial 95% gap remaining.

Can BCH Pull Bull Run Further?

Analyzing Bitcoin Cash’s recent price movements, it’s clear that a bullish trend prevails on the daily chart. The 50-day exponential moving average (EMA) currently stands above the trading price at $209. Additionally, the daily relative strength index (RSI) is at 67, indicating an almost overbought condition.

Bitcoin Cash (BCH) Daily Price Chart (Source: TradingView)

Market sentiment among traders remains positive, with many eyeing the possibility of BCH reaching the $240 to $250 range for further gains. Nonetheless, it’s crucial to be cautious and keep in mind that a dip below the $200 mark could undermine this bullish outlook. It might potentially result in a retest of the $186 support level.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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