Bitcoin Cash (BCH) is surging ahead, gaining nearly 4% in the last 24 hours to reach $498. With a 16.42% spike in trading volume, BCH is closing in on the psychologically significant $500 mark after breaking above the $470 resistance level. Today's high of $505.32 and a 7% weekly gain highlight its strong momentum—outperforming Bitcoin (BTC), which remains stagnant at $107K.
Bullish Signals for Bitcoin Cash
Santiment’s MVRV (Market Value to Realized Value) indicator on the weekly chart shows a reading of 0.665—well below the historical profit-taking threshold of 0.729. In March and May 2024, corrections followed when this ratio neared 0.729. With the current reading, BCH could rally toward its December 2024 high, where MVRV peaked at 1.01.
Technical Analysis: Ascending Triangle and RSI Confirm Upside
The BCH 4-hour chart reveals a bullish ascending triangle formation, with price testing resistance at $500–$505. A breakout above this zone could propel BCH to $540, potentially reaching $580 based on the triangle’s height.
Key observations:
- RSI at 56.66: Moderate bullish momentum, no overbought conditions.
- Balance of Power (BoP): Confirms bullish dominance, no reversal signals.
A rejection at resistance may trigger a pullback to $460–$445 support before another breakout attempt—a common "throwback" in strong uptrends.
Can Bitcoin Cash Overtake Bitcoin?
While BCH is outperforming BTC short-term, surpassing Bitcoin’s market cap remains unlikely. However, its current trajectory suggests further gains. 👉 Discover more about BCH’s potential.
FAQ
1. Why is Bitcoin Cash rising faster than Bitcoin?
BCH benefits from lower transaction fees and faster settlements, attracting traders during bullish cycles.
2. What’s the next key resistance for BCH?
A breakout above $505 could target $540–$580, per the ascending triangle projection.
3. Is BCH a good long-term investment?
While volatile, BCH’s utility and recent momentum make it a high-potential asset. 👉 Learn about crypto investments.
4. How does MVRV impact BCH’s price?
Low MVRV suggests undervaluation, supporting further rallies before profit-taking begins.
Disclaimer: This analysis is for informational purposes only. Cryptocurrency investments carry high risk; conduct independent research before trading.
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