Bitcoin Cash has witnessed a significant price uptick over the past two weeks. After languishing at a low of $180, the cryptocurrency has managed to rally to its current valuation of $213. This market movement has been a breath of fresh air for short-term and long-term traders who hadn’t experienced a winning streak since mid-June of this year.
Santiment, a platform offering on-chain and social metrics for cryptocurrencies, recently shared a Twitter post providing insights on the current Bitcoin Cash’s (BCH) market behavior:
📈 #BitcoinCash enjoyed a healthy price rebound, currently back at $214 after being as low as $180 just 2 weeks ago. Short & long term traders are both in profit for the first time since mid-June, and whales will be key to a further surge. https://t.co/frgwqpoDmz pic.twitter.com/dLA5kEcKBV
— Santiment (@santimentfeed) August 31, 2023
A detailed look into market trends indicates that this resurgence in Bitcoin Cash is far from coincidental. Instead, it seems rooted in various economic factors, market sentiment, and perhaps most importantly, activities of so-called whales—large holders of the cryptocurrency who have the financial capacity to manipulate the market. Often, these whale activities consist of large buy or sell orders that significantly impact the asset’s price.
Bitcoin Cash (BCH) has recently experienced a swing in its market value, showcasing a robust recovery after enduring bearish conditions since mid-June. Over the past week, this cryptocurrency has realized a remarkable 14% gain, reigniting investor enthusiasm. As of now, the bullish inclination is overpowering its bearish counterpart, setting the stage for a potentially rewarding upward trajectory.
In the last 24 hours, Bitcoin Cash has soared by 3.03%, positioning its price around the $213 mark. This uptick suggests an influx of buying activity, which, if sustained, could propel the coin’s value beyond the $220 threshold in the forthcoming days. Recent data from CoinMarketCap revealed an ascending market capitalization for Bitcoin Cash, now at approximately $4.15 billion, marking a 0.59% increase within the same 24-hour time frame. Contributing to this is an augmented 24-hour trading volume of about $228.8 million.
Turning to the technical landscape, multiple indicators affirm the prevalent bullish sentiment. The 20-day Simple Moving Average (SMA), the 50-day MA, and the 200-day MA all point toward an upward momentum. The Average Directional Index (ADX) portrays a rising trend at the $27 mark, suggesting that the bullish momentum is gaining substance.
Adding to this positive outlook is the Relative Strength Index (RSI), currently hovering above 60 level at 62.54. This departure from the oversold zone indicates a rising buying pressure, which could further fuel price hikes. Another signifier, the Moving Average Convergence Divergence (MACD), demonstrates a bullish crossover as the MACD line surmounts the signal line.
To sum up, Bitcoin Cash appears to be entering a bullish trend with strong buying pressure and positive technical indicators. The strong support for the token is present at $212, and if bears break that level, prices could crash to $200. If the buying pressure is strong enough, BCH could reach $220 in the coming days.
