Bitcoin Cash (BCH) has seen a significant surge in value over the last month, bouncing back from a low of $321 to reach new heights.
Within just 24 hours, the price of Bitcoin Cash rose to $536, marking a 7-month high.
This bullish trend is also reflected in the monthly and weekly charts, with BCH currently trading at $512.
The daily chart shows a 15.38% increase, while the weekly and monthly charts show gains of 15.86% and 42.65%, respectively.
Despite this recent surge, BCH is still far below its all-time high of $4355, with a difference of around 88.18%.
With Bitcoin setting new all-time highs, Bitcoin Cash is likely to benefit from the bullish momentum, indicating potential further gains in its price.
Analysis of BCH Charts
Analysis indicates increased buying interest and a strengthening upward trend for BCH.
The Relative Strength Index (RSI) surged from 57 to 68 in the past 24 hours, indicating a dominance of buyers in the market.
Trading volume spiked by 314% to $1.75 billion, showing increased buying pressure and market activity.
Additionally, the Stochastic RSI is on the verge of a bullish crossover, signaling a new wave of upward movement and sustained momentum.
When the Stoch RSI crosses over, it suggests higher inflows as investors fear missing out on gains.
According to Coinglass data, investors are predominantly bullish, with a Long/Short Ratio of 50% favoring long positions.
Long position holders are optimistic, as seen in the MVRV Long/Short difference rising from -7.56 to -4.13, indicating profits and confidence in future prospects.
Large holders’ outflows have decreased to a monthly low of 10.42k, indicating a positive outlook and anticipation of further price increases.
Future Outlook
If the positive sentiment endures, Bitcoin Cash could experience a bullish crossover and initiate a new uptrend. A potential target for the next resistance level is around $620, given the current sentiment.
In case of a pullback, support levels for BCH are anticipated around $407.