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Home»ALTCOIN NEWS»Amid these bullish signs, we map Bitcoin Cash’s rally past $600.
ALTCOIN NEWS

Amid these bullish signs, we map Bitcoin Cash’s rally past $600.

By Crypto FlexsDecember 4, 20243 Mins Read
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Amid these bullish signs, we map Bitcoin Cash’s rally past 0.
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  • Bitcoin Cash rose 71% in 30 days, nearly doubling its market capitalization to $11.3 billion.
  • BCH open interest also reached its highest level in seven months, suggesting high demand for BCH futures.

Bitcoin Cash (BCH) rose 71% in one month, trading at $574, a multi-month high at press time. Market capitalization also increased from $6.6 billion to $11.3 billion, and the rally reflects broader gains across altcoin markets.

Bitcoin Cash’s rally is gaining momentum as the token moves within an ascending parallel channel, indicating a continuation of the bullish trend.

As of press time, BCH is testing resistance at the upper boundary of the channel. However, as can be seen from the volume histogram bar, volume remains low, raising concerns about a breakout.

The stochastic relative strength index (RSI) is 85, indicating that BCH is overbought. Nonetheless, the trend continues above the signal line, showing that momentum remains strong.

Historically, the overbought Stoch RSI has not always led to a price correction, suggesting that the rally could continue.

Source: TradingView

The moving average convergence divergence (MACD) also rose, reflecting bullish momentum after widening the gap with the signal line.

These bullish signals point to a continued upward trend for Bitcoin Cash, but an increase in buying activity is needed for the price to break the bounds of the upward channel and move above $600.

Are Bitcoin Cash whales participating in the rally?

Source of data Into the Block It shows a surge in whale activity in BCH after a large transaction increased from 506,210 BCH to 1.25 million BCH.

These whales, who account for 16.71% of the Bitcoin Cash supply, are likely to purchase as depicted in the positive reversal of net flows from large holders. This means that purchasing activity is high for this group.

Source: IntoTheBlock

The accumulation of these whale addresses could strengthen Bitcoin Cash’s bullish momentum and pave the way for further gains.

Increased participation in response to derivatives market signals…

In addition to the rising demand for whales, the derivatives market is also showing optimism due to high demand for BCH futures.

On December 4, BCH’s open interest soared to $407 million, the highest level in over seven months.

Source: Coinglass

Bitcoin Cash’s open interest growth is noteworthy because TRX’s market capitalization is roughly the same as Tron (TRX), which stands at $438 million at press time, despite TRX’s market capitalization being three times that of BCH.


Read Bitcoin Cash (BCH) price prediction for 2024-2025


Increased market participation could benefit Bitcoin Cash as the Long/Short ratio shows that most traders are opening long positions.

On Binance, 74% of traders with open futures positions on BCH are long, indicating a bullish bias. Additionally, the long/short ratio of Binance BCH reached a monthly high of 2.92.

Source: Coinglass

Next: FTM Hits $3.38: Watch Out For Key Levels

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