thenewscrypto.com
- Bitcoin Cash ($BCH) surges to $417 following a 30% rally in the last 24 hours.
- $BCH’s daily trading volume climbed over 122% in the last 24 hours, hitting $1.2 billion.
Amid a bullish surge in the cryptocurrency market, Bitcoin Cash ($BCH) has displayed a significant turnaround, breaking through the $400 mark and soaring by over 30% in the last 24 hours. This surge marks a significant reversal from its recent slump, with $BCH now trading at $410, a level not seen since January 2022.
As Bitcoin ($BTC) and its altcoin counterparts experience a furious rally, Bitcoin Cash emerges as one of the top gainers, showcasing double-digit returns in the recent bullish reversal. Bitcoin Cash has attracted investor attention for everyday transactions and micro-transactions with its rapid transaction times and lower fees than Bitcoin.
The surge in Bitcoin ETFs has injected further momentum into the crypto market, with a record inflow of $673.4 million on February 28th. Notably, Blackrock contributed significantly to this influx, recording a historic $612.1 million in inflow on the same day. However, the Grayscale Bitcoin Trust (GBTC) witnessed a record outflow of $598 million on February 29th.
Bulls gear up for a moonshot in Bitcoin Cash.
Bitcoin Cash has showcased bullish momentum with a week-on-week growth of 53% and a staggering 72% rally in the past month. Further, the relative strength index (RSI) curve indicates overbought conditions, suggesting heightened investor interest and potential further upside. The trading volume of $BCH has surged by 122% to $1.2 billion, reflecting increased activity and confidence in Bitcoin Cash’s upward trajectory.
It’s interesting to note that Bitcoin Cash appears to be making a strong comeback, with a significant surge in its price and a bullish candle forming on the daily chart. If the trend continues, $BCH could break through the immediate resistance at $430 and possibly reach even higher levels at $450, prompting further rallies toward $500 and $550.
However, a reversal in trend could see $BCH finding initial support at $380, potentially leading to a decline towards $320 and below, which could signal a bearish scenario below the $250 range. It will be interesting to see how the market reacts to these developments in the coming days.