Bitcoin Cash Rises 5% and Forms Golden Cross Against Bitcoin
Bitcoin Cash (BCH) has gained over 5% in the last 24 hours, increasing from $491.25 to $516, with a peak of $528. Trading volume surged, peaking at over 120,000 BCH exchanged. However, this price movement lacks support from on-chain fundamentals, which recently hit six-year lows in daily active addresses.
Key Insights
- BCH rose 5.8% within a specific 24-hour period, reaching $519.65.
- The price range was $37.80 (7.7%), peaking at $527.37 with high volume support.
- Resistance is around $527, with support established at $519-$520.
- Trading volume nearly tripled, indicating strong buyer interest.
- Recent volatility saw BCH initially climb then decline within an hour.
BCH/BTC Performance
The BCH/BTC pair has risen nearly 20% in four weeks, reaching a six-month high of 0.0049. A bullish golden crossover of the 50-day and 200-day simple moving averages suggests potential for a significant bull market.
