Bitcoin Cash recently attracted the attention of crypto investors, who rises beyond $ 500, while he does not secure this key resistance. As one of the earliest Bitcoin forks, BCH has often remained in the shade of his mother chain, but the recent market activity suggests that the Bulls have been given enormous interest in the BCH prize rally.
Why Bitcoin Cash price rises
One of the biggest reasons for the BCH Prijspike is a huge increase in trade volume. In the past few days, BCH has experienced a five -fold increase in trading activities per hour, which indicates a strong influx of capital, especially of institutional players. Open interest on futures contracts has risen to a highest highest point of six months, while the total volume exceeds $ 627 million, the highest in three months.
After he has remained in tight consolidation, the BCH price seems to approach the end of consolidation. The weekly RSI rises and is about to reach the top threshold, which suggests that the bulls have a tight grip over the rally. Moreover, the Ichimoku has undergone a bullish crossover while the clouds are preparing for a bullish reversal. That is why, with a continuous bullish approach, the BCH price can even break above the decisive symmetrical triangle.
Does the up-toy bch price $ 1000?
Bitcoin Cash no longer flies under the radar! With rising global tensions and constant uncertainty, many investors seem to look at non-sovereign digital assets as potential hedges. Although Bitcoin is the go-to for most, Bitcoin Cash is now seen as an undervalued alternative. Moreover, token has received sufficient attention on social media and other search platforms, which can help to scale up the BCH price to a 4-digit figure in the coming days.