Bitcoin’s BTC offshoot bitcoin cash BCH chalked out impressive gains in the past 24 hours, bucking the weakness in BTC and the broader market.
BCH has gained over 5% from $491.25 to $516 in 24 hours, with trading volume tripling at one point as over 120,000 BCH changed hands. Prices hit a high of $528 at one point, the level last seen on Dec. 18, according to CoinDesk data.
While a high-volume rally is said to be sustainable, gains are not backed by improvement in onchain fundamentals. According to CoinDesk’s AI research, fundamentals for the Bitcoin Cash network recently hit six-year lows in daily active addresses. Per on-chain data, the network is experiencing a “critical demand deficit,” suggesting the recent price action is driven more by speculation than actual network usage or adoption.
In the last 24 hours from June 30, 13:00 to July 1, 12:00, BCH exhibited a significant bullish trend, climbing from $491.25 to $519.65, representing a 5.8% gain.The price range during this period was $37.80 (7.7%), with BCH reaching a peak of $527.37 at 03:00 on July 1 following exceptional volume support.Key resistance formed around $527 with multiple tests, while support was established at $519-$520, suggesting continued bullish momentum despite the minor pullback.Over 120,000 BCH changed hands at 01:00—nearly triple the 24-hour average volume, indicating strong buyer interest.In the last 60 minutes from 1 July 11:30 to 12:29, BCH experienced significant volatility, initially climbing 0.55% from $519.67 to $522.55 by 11:57, before sharply declining 0.71% to close at $518.85.
The Binance-listed bitcoin cash-bitcoin (BCH/BTC) pair, which tracks the ratio between the prices of BCH and BTC, has risen nearly 20% in four weeks, hitting a six-month high of 0.0049, according to data source TradingView.
BCH’s outperformance is gathering momentum as evidenced by the bullish golden crossover of the 50-day simple moving average (SMA) crossing above the 200-day SMA.
The pattern indicates that short-term momentum is now outperforming the broader trend, with the potential to evolve into a significant bull market.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…
Bitcoin’s bearish momentum has since reached a cool-off state, as price maintains above the last…
Executive John Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the…
The recommendation is in line with other global asset managers like BlackRock and Bank of…
The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction…