Bitcoin Cash (BCH) Surges Alongside Bitcoin’s Rally to Nearly $70,000
Bitcoin Cash (BCH) has seen a significant increase in value, reflecting the surge in Bitcoin’s price to almost $70,000. With BCH surpassing $450, the question arises: will the bullish momentum continue to drive further gains?
Bitcoin Cash (BCH) experienced a more than 14% price increase in a 24-hour period, reaching above $450, its highest level since mid-June. This surge coincided with Bitcoin (BTC) climbing to nearly $70,000 after a 3% gain within 24 hours. At the time of writing on July 29, Bitcoin was trading around $69,503, just shy of its intraday high above $69,800.
Bitcoin Cash Price Analysis: Are Bulls Ready for Further Growth?
Similar to Bitcoin, Bitcoin Cash faced challenges in recent weeks due to selling pressure and concerns surrounding a potential Mt. Gox sell-off.
Despite these obstacles, both Bitcoin and Bitcoin Cash showed resilience. While Bitcoin stayed above $60,000, Mt. Gox announced the sale of $9 billion worth of BTC to customers, a significant portion of which was in Bitcoin. This positive sentiment among Mt. Gox customers choosing to hold rather than sell has also positively impacted Bitcoin Cash.
Recent announcements by former U.S. President Trump at the Bitcoin 2024 conference have further boosted optimism in the cryptocurrency space. Trump’s commitment to make the U.S. a hub for cryptocurrencies and establish a Bitcoin reserve has generated excitement among investors.
Bitcoin Cash Price Forecast and Technical Analysis
The surge in Bitcoin Cash price above $400 indicates a test of a key resistance zone. A successful breakthrough at this level suggests that bulls have surpassed a strong horizontal resistance line, potentially paving the way for new year-to-date highs. The $1,000 mark could serve as a significant short-term target, with a possibility of revisiting the 2021 bull market highs if Bitcoin leads another major rally in the cryptocurrency market.
Technical indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) provide support for buyers. While a retesting of previous levels may occur before another surge, a break below could lead the price back towards the key support area around $350.
