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Bitcoin Cash (BCH) is among top gaining coins as top cryptocurrency Bitcoin (BTC) jumps to above $71k.
The price of several altcoins have also tracked the BTC upside in the past few days, with Tezos (XTZ) climbing from lows of $0.62.
As Bitcoin eyes a potential run to a new all-time high, on-chain data suggests buying pressure could catapult Bitcoin Cash and Tezos higher.
BCH price jumps 8%
Bitcoin Cash is currently one of the top tokens by 24 hour gains in the top 100 largest cryptocurrencies.
The price of the Bitcoin fork token has increased more than 8% to hit highs last seen in early August, 2024.
Currently, BCH trades near $384 as bulls look to hold onto gains amid a potential ascending triangle breakout.
BCH is just above the trendline that has acted as key resistance multiple times in the past two months.
If buying pressure sustains and bulls manage further gains, the altcoin could rally to June 2024 highs above $430 and likely allow for a retest of the $500 area.
A look at the daily chart’s Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest a bullish continuation.
Meanwhile, open interest data in Bitcoin Cash futures has jumped 20.7% in the past 24 hours to over $231 million.
Coinglass data shows more shorts have been liquidated in the past day compared to longs as BCH price showed an upward trajectory.
Tezos price reboounds amid BTC gains
The price of Tezos (XTZ) broke higher after bulls stemmed a downtrend near the $0.60 zone. In the past 24 hours, the price has continued higher to reach $0.67.
Buyers have previously struggled with a supply wall at these levels, with the last time a breakout failed to happen seeing Tezos trade lower.
However, Tezos hit highs of $1.60 during the last major bull phase in March, which could be a key target if Bitcoin leads the crypto market higher.
From the daily chart, it’s clear a demand reload zone has formed with a horizontal support line near $0.60.
If prices stay above this line, despite lower wicks, it could be explosive for bulls again. A symmetrical triangle breakout will mean the bearish outlook that has engulfed XTZ is waning.
Nonetheless, XTZ price needs to sustain upward momentum to bring the possible rally beyond $1 into play.
If this happens, Tezos could solidify gains amid fresh consolidation. However, rejection could see bears target $0.54.
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