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Bitcoin Cash (BCH) has recently shown a remarkable performance in the cryptocurrency market, achieving significant gains. This rise occurred especially after the Bitcoin Conference, triggered by the promises of US presidential candidates Robert F. Kennedy Jr. and Donald Trump towards the crypto world. Additionally, Bitstamp’s opening of BCH and BTC for creditors from Mt. Gox contributed to the renewed interest in BCH.
Bitcoin Cash’s Impressive Recent Performance
Bitcoin Cash’s price reached $444 during the European session, marking an impressive 13.1% rise in the last 24 hours. This price increase could gain more momentum as the altcoin completes a bullish reversal pattern on its daily timeframe chart. Current technical indicators suggest that BCH‘s price could rise further.
Bitcoin and Bitcoin Cash prices surged past significant price barriers following the Bitcoin Conference. According to the on-chain data analysis platform SoSo Value, spot Bitcoin ETFs in the US saw a net inflow of $56 million at the weekly close on July 26. ETFs reached a trading volume exceeding $17 billion in the last 6 months, with daily net inflows being negative for only 3 days.
Coinalyze data shows that open interest (OI) in Bitcoin Cash futures and perpetual contracts increased by 21% in the last 24 hours. This indicates that investors are actively allocating funds to BCH and taking positions. However, OI is still below the critical resistance level of $284 million. If OI surpasses this level, BCH could see a rapid influx of buyers, potentially pushing its price back to the annual high of $719.
Technical Indicators and Price Targets for BCH
BCH’s price is currently above the 50-day exponential moving average (EMA) and continues to rise. This price movement has formed an Inverted Head and Shoulders pattern, indicating a potential bullish move. BCH could test the resistance level of $520 in the coming days. However, the price may find support at the $381 and $400 levels.
Relative Strength Index (RSI) is at 73.33, indicating overbought conditions. The current RSI outlook increases the likelihood of short-term consolidation or a minor pullback. The Chaikin Money Flow (CMF) indicator is at 0.19, indicating positive money flow and buying pressure.
