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- Bitcoin Cash trading volume has increased by 175% in the last 24 hours.
- Traders are targeting the $240-$250 range for possible profits.
Bitcoin Cash (BCH), a cryptocurrency that emerged from a Bitcoin fork, has been generating interest in the crypto market due to its recent performance. It has reached a two-month peak of $234, reflecting an 8% rise in the past 24 hours. This price level has been eagerly anticipated by traders monitoring BCH’s valuation.
Additionally, in a rare occurrence during a bearish market, BCH bulls have successfully maintained their momentum for the last two weeks, resulting in a 21% increase over the past month. It is notable that the month commenced with BCH priced at a low of $192, and by the second week, it had fallen to $178 amid significant bearish pressure.
At the same time, BCH’s trading volume has seen a remarkable increase of 175% in the last 24 hours, reaching $460 million. During this period, its market capitalization has also risen by 9.25%, now totaling $4 billion.
In another significant development, BCH shorts in the derivatives market have experienced considerable losses over the past 24 hours. Short positions faced losses amounting to $650,000, representing a substantial 95.11% of the total liquidations during this timeframe, according to data from the crypto data analysis platform, Coinglass.
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This extensive liquidation of short positions has benefited buyers, resulting in a notable 51% share held by long positions in the exchange long/short ratio.
Furthermore, it is important to note that BCH remains significantly below its all-time high, which was reached six years ago, with a considerable 95% gap still present.
Can BCH Extend the Bull Run?
Examining Bitcoin Cash’s recent price trends, it is evident that a bullish trend is evident on the daily chart. The 50-day exponential moving average (EMA) is currently positioned above the trading price at $209. Additionally, the daily relative strength index (RSI) is at 67, suggesting an almost overbought situation.
Bitcoin Cash (BCH) Daily Price Chart (Source: TradingView)
Market sentiment among traders remains optimistic, with many anticipating the potential for BCH to reach the $240 to $250 range for additional gains. However, it is essential to exercise caution, as a decline below the $200 level could jeopardize this bullish perspective, potentially leading to a retest of the $186 support level.
