Bitcoin Cash (BCH) It rose more than 14% in 24 hours and traded above $450, its highest level since mid-June.
BCH rose and Bitcoin (BTC) rose to near $70,000 after gaining 3% in 24 hours. As of writing on July 29, the benchmark digital asset was trading at around $69,503, just below the intraday high above $69,800 it hit during the Asian trading session.
BCH Price: Are Bitcoin Cash Bulls Back?
Like Bitcoin, Bitcoin Cash has experienced difficult terrain over the past few weeks related to related selling pressure Potential Mt. Gox sell-off.
However, while Bitcoin remained above $60,000, the defunct cryptocurrency exchange announced that it would sell $9 billion worth of BTC to customers, a large portion of which was in Bitcoin. This resilience is also reflected in Bitcoin Cash, as positive sentiment among Mt. Gox customers continues to rise Choose to hold rather than for sale.
At last week’s Bitcoin 2024 conference, former U.S. President Trump made major announcements related to Bitcoin and cryptocurrencies, and cryptocurrencies were also affected by optimism. As the election approaches, Trump has pledged to make the U.S. the home of cryptocurrencies and create a Bitcoin reserve for the U.S., among other key remarks.
Kim Dotcom says there is no need to worry about the U.S. government banning cryptocurrencies.
Cryptocurrencies are going to shine. Concerns about the U.S. government banning cryptocurrencies are over. Legality has been established. Whales lobbied all political camps, and they succeeded. As the U.S. dollar weakens, cryptocurrencies will rise. My favorite is Bitcoin Cash.
— Kim Dotcom (@KimDotcom) July 27, 2024
BCH price prediction
Bitcoin Cash price surged above $400, with the cryptocurrency testing a key resistance zone.
A break above this level means the bulls have broken through a strong horizontal resistance line. The price is currently retesting previous support areas, above which the altcoin could set new year-to-date highs.
In this case, the psychological level of $1,000 would be a major short-term target, while a rise to the 2021 bull market highs remains a possibility if Bitcoin leads the cryptocurrency into another massive rally.
BCH price chart. source: trading view
The daily chart shows that the relative strength index (RSI) and moving average convergence divergence (MACD) indicators provide support to buyers.
BCH may retest the levels before surging again. However, a break below could push the price towards the main support area around $350.
Bitcoin Cash (BCH) Price Surge: Bulls Back in Action
Bitcoin Cash (BCH) has seen a remarkable surge of over 14% in the past 24 hours, trading above $450, marking its highest level since mid-June. The positive momentum in BCH has also contributed to the rise of Bitcoin (BTC), which approached the $70,000 mark with a 3% gain within the same timeframe.
Challenges Faced by Bitcoin and Bitcoin Cash
Both Bitcoin and Bitcoin Cash have faced challenges recently, primarily due to selling pressure and uncertainties surrounding the potential Mt. Gox sell-off. Despite these obstacles, the resilience of both cryptocurrencies has been evident, especially with Mt. Gox customers showing a preference for holding rather than selling their assets.
Optimism in the Cryptocurrency Market
The recent Bitcoin 2024 conference, where former U.S. President Trump made significant announcements regarding Bitcoin and cryptocurrencies, has injected optimism into the market. Trump’s commitment to positioning the U.S. as a hub for cryptocurrencies and his plans to establish a Bitcoin reserve for the country have further boosted sentiment in the crypto space.
BCH Price Prediction and Technical Analysis
The price of Bitcoin Cash has breached the $400 mark, testing a crucial resistance zone. A successful break above this level indicates a strong bullish trend, with the potential for BCH to reach new year-to-date highs. The $1,000 mark could be a significant short-term target, with the possibility of surpassing the 2021 bull market highs if Bitcoin leads another major rally.
The technical indicators, such as the relative strength index (RSI) and moving average convergence divergence (MACD), support the current bullish sentiment in the BCH market. However, a retest of previous levels before another surge is likely, with a break below $350 posing a potential risk to the price trend.
In conclusion, the recent price surge in Bitcoin Cash and the positive market sentiment indicate a potential bullish trend in the cryptocurrency market, with BCH leading the way. Investors and traders should closely monitor the price movements and key levels mentioned to make informed decisions in this dynamic market environment.
