Bitcoin Cash, the cryptocurrency born from a contentious Bitcoin fork in 2017, is making the news because it surges to the greatest cost in nearly 3 years. The gold coin has witnessed a 5% increase within the last 24 hrs, a virtually 28% jump in the last week, along with a sizable 43% rally within the last thirty days, per data from CoinGecko.
Today, BCH skyrocketed from just above $600 to some daily a lot of about $697, before correcting to the current cost of $635. Today’s kudos the greatest cost point for BCH since November 2021, although still considerably below its all-time a lot of nearly $3,786, that was recorded in December 2017.
The current spike in BCH’s cost could be attributed to a few factors.
First of all, the anticipation all around the approaching Bitcoin Cash halving, scheduled to happen in only 2 days, has led to the bullish sentiment. The halving event, which reduces block mining rewards by 50%, is anticipated to slow lower inflation while increasing the scarcity from the gold coin. In the past, such occasions have brought to significant cost increases, as evidenced by Bitcoin’s (BTC) own publish-halving performance.
Bitcoin’s own halving is placed to occur on April 20. Both BTC and BCH get their particular halvings set in the same block height, however a general change in the mining formula elevated the mining rate of BCH, producing a different halving date. BCH is presently is anticipated to undergo its halving on April 3, Bitcoin Satoshi Vision (BSV) on September 8, and Bitcoin Gold (BTG) on April 23.
Next, the cryptocurrency has came back towards the limelight following a publication of the book by Roger Ver—an O.G. BTC evangelist, now a number one estimate the BCH space—which reignited debates concerning the ethos behind Bitcoin Cash and Bitcoin. The invitation from Blockstream Chief executive officer Adam Back for Ver to abandon BCH and join Bitcoin, although since declined, might have fueled the controversy and potentially introduce BCH to newcomers.
From the technical perspective, Bitcoin Cash’s positive performance defies the general market trends. While Bitcoin is retracing below $69,000 after neglecting to break past $71,000, BCH is the greatest-performing gold coin within the top 40 coins by market cap.
Bitcoin Cash’s bullish trend isn’t just a brief-term phenomenon. The cryptocurrency has greater than bending in cost since the beginning of 2024. This positive performance was mostly boosted with a major bullish candle on March 3, once the cost spiked 57.93% from $316.4 to $500.
Technical indicators also indicate a powerful bullish trend for BCH. The widening gap between your 10-day exponential moving average (EMA 10) and also the 55-day mark (EMA 55) shows that short-term traders are driving prices up. The Typical Directional Movement (ADX) at 29 signifies a powerful bullish trend, as the Relative Strength Index (RSI) at 70 points shows a obvious bullish sentiment among traders.
However, today’s presently developing candlepower unit suggests a small correction in prices. If the continues, the immediate support level to check is about $567 set through the EMA10 for any -16% drop, or near $470 in a longer period frame—which could be healthy when it comes to market behavior and never cancel the bullish outlook inside a short time-frame. On the other hand, when the upward trend persists, BCH might be heading perfectly into a zone between $730 and $790.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed through the author are suitable for informational purposes only and don’t constitute financial, investment, or any other advice.
