In recent developments, Bitcoin Cash (BCH), a prominent cryptocurrency, has shown signs of gaining momentum in the face of market volatility. While shorting opportunities are limited to intraday trading, the emergence of the EDX market and the U.S. Security and Exchange Commission’s (SEC’s) safe narrative could potentially drive BCH toward a bullish trajectory in the long run.
Crypto analysts and educators known on Twitter as CryptoBusy shared a post providing insights on the current performance of BCH:
#BitcoinCash $BCH has momentum. You can only short this coin intraday, but due to the EDX market and the #SEC safe narrative, it can still become bullish in the long term.
— CryptoBusy (@CryptoBusy) July 6, 2023
However, if the spot ETF applications for #Bitcoin were to be rejected, this would also be the first coin… https://t.co/XacZx58tK0 pic.twitter.com/uRUNKQLmOI
Despite the current positive sentiment, it is crucial to consider the potential impact of spot exchange-traded funds (ETF) applications for Bitcoin. Should these applications face rejection, it is likely that Bitcoin Cash (BCH) would experience a substantial decline in value.
Market analysts suggested that Bitcoin Cash (BCH) holds a unique position in the cryptocurrency landscape due to its scalability improvements and increased transaction speeds. These attributes have attracted investors seeking an alternative to Bitcoin (BTC), which has been plagued by scalability concerns.
The EDX market, characterized by its accessible short-term trading opportunities, allows investors to engage with Bitcoin Cash (BCH) daily. This provides a dynamic platform for market participants to capitalize on short-term price fluctuations.
However, the fate of Bitcoin Cash (BCH) remains closely tied to the outcome of spot ETF applications for Bitcoin. These applications, currently under review by regulatory bodies, have the potential to reshape the entire cryptocurrency market. If rejected, it is expected that Bitcoin (BTC) and, subsequently, Bitcoin Cash (BCH) would experience a significant downward trend.
Today’s BCH price shows a strong uptrend, with a price of $300.34, reflecting a significant increase of 9.75% in the last 24 hours and an impressive surge of 30.57% over the past week. The Buying momentum behind BCH continues to be robust, and the coin is expected to reach higher prices soon. Initially opening today’s session in bearish territory, the BCH token gradually gained momentum as the day progressed, eventually breaking through the resistance and piercing above the $300 mark to reach its current price.
The volume of BCH trade has remained healthy despite some minor fluctuations throughout the day. Currently, the trading volume stands at $1.48 billion, which is approximately 158% higher than the 24-hour average volume. The market capitalization of BCH also indicates a bullish trend, currently standing at $8.76 billion, which reflects a notable increase of 9.70% compared to the previous day’s figure.
The Chaikin Money Flow indicator also favors the BCH token with an increasing positive value of 0.25, which indicates that the capital inflow from investors is strong, driving the price higher. The 20-EMA is above the 50-EMA, indicating a bullish trend and hinting at potential long-term price appreciation shortly. The MACD line is currently above the signal line at 44.97, which indicates a bullish trend in the BCH market.
