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Bitcoin (BITCOIN)
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bitcoin
Bitcoin (BITCOIN)
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ethereum
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ripple
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binancecoin
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Bitcoin (BITCOIN)
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ethereum
Ethereum (ETHEREUM)
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binancecoin
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solana
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$147.17 0.39%
ripple
XRP (RIPPLE)
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Bitcoin Cash Price Hits $424 Up 9% as Momentum Builds Toward $469

Highlight:

  • The price of Bitcoin Cash has increased 9% to $424 as the bulls entirely take the reins. 
  • BCH technical indicators point to further upside, potentially $469.
  • The exchange liquidation data bolsters the BCH bullish outlook, as investors portray confidence. 

The Bitcoin Cash price is boasting a bullish outlook, after climbing 9% to $424 mark in the past 24 hours. The bulls have put their best feet forward, quashing the bears, as the trading volume has spiked 100% to $488M. The recent surge in trading activities signals intense investor confidence, which could boost BCH price to higher levels in the coming days. 

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Bitcoin Cash Price Outlook

At present, BCH is trading for $424.60 and has soared above the moving averages of $357.94 and $399.30. For a long time, these moving averages have been key points of support and resistance for the market. BCH’s move above these key levels indicates further upside as bulls dominate the market. Currently, the RSI sits at 63.27, meaning there is modest upside potential because buying continues, as it is not yet in the zone of being overbought.

Bitcoin Cash price
BCH/USD 1-day chart: TradingView

The MACD indicator continues to indicate bullish momentum, as it sits in the positive region above the neutral level. Moreover, the momentum is teasing a looming buy signal, which will be validated once the MACD crosses above the signal line. The current upside trajectory in Bitcoin Cash price could continue if the market keeps portraying a positive outlook.

BCH Key Price Targets and Market Sentiment

Bitcoin Cash price is looking bullish at the moment as it gains strength toward reaching its next big resistance points. According to Liquid Protocol, a crypto expert, he observes that the most immediate target is set at $534.1, which is a big boost from the existing price, with targets at $ 608.3 and $690.3 suggesting the crypto could rise over 60% quickly.

According to this projection, the bullish rise in trading volumes and activity is expected to continue. Often, when a falling wedge is broken, traders anticipate the downtrend to finish and see the start of a new uptrend, which is when they sometimes buy-in.

The market is showing confidence, since there has been more hiking and traders are positioning themselves for long trades. Traders and investors ought to watch these key price points regularly, as each one often pushes buyers to decide if the rally continues or if the price will reverse.

Exchange Liquidation Data Supports BCH Bullish Outlook

This analysis is backed by BCH exchange liquidation data which provides important information about trader leverages. On the liquidation map, you can see long liquidation dominates which means more traders are deciding to sell their long positions or rearrange their portfolios with prices going up.

Source: CoinGlass

Data as of today indicates that BCH is at $424, and much liquidation is centered around that figure. Numerous liquidations prove that the market is busy and unpredictable, typical in the middle of a bull market.

Also, when people liquidate long positions faster than short positions, it signals positive trader behaviors. Although not all traders are making a profit, most still believe BCH prices will rise further, strengthening the wider optimism.

What’s Next for Bitcoin Cash Price?

Currently, the Bitcoin Cash price aims for higher levels, thanks to its strong support levels at the 50-day and 200-day. Increased buying pressure will spike a rally to $$447, $469, and $502. However, if the bears step in and the crypto sentiment turns negative, BCH could drop to the $406, $399, and $386 support zones. 

Meanwhile, most indicators chart a bullish course, and the big exchange liquidations indicate that traders are very sure of their positions. However, a close look at the trading volume and technical indicators will be essential for traders to determine the next movement in BCH price.

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