Bitcoin Cash Rises 7% to $647 Amid Broad Market Rally

Bitcoin Cash (BCH) increased by 7% to $647, levels last seen in April 2024.
The rally follows a bearish market sentiment period, as noted by Santiment.
Santiment suggests prices often move contrary to crowd expectations, indicating a buy strategy during fear and sell during greed for altcoins.
The rally coincides with broader risk-on sentiment due to the Fed's rate cut and anticipated liquidity easing.
Other tokens like DOT, SUI, JUP, and NEAR also saw gains, with smaller coins like PENGU leading with double-digit increases.
SEC approved generic listing standards for commodity and crypto ETFs, potentially accelerating new product introductions tied to various tokens.
BCH's recent rally builds on a bullish breakout from July, surpassing a channel pattern formed between highs from April and December 2024, and lows from August 2024 and April 2025.

BCH's daily chart in candlestick format. (CoinDesk/TradingView)

This breakout suggests absorbed selling pressure, paving the way for potential further increases.
The next resistance level is the 2024 high at $719, a key hurdle for BCH.