Bitcoin Cash Continues To Rise While Market Sees Correction

Bitcoin Cash (BC) has maintained a positive outlook over the past few days as bulls and bears struggle for control over the broader crypto market. Its growth suggests the bulls currently have the upper hand in the altcoin even while the broader crypto market shows a 0.7% decline.

At the time of writing, BCH has added 9.06% to its past-day value changing hands at $143.22. It has also seen a 37.84% gain in seven days and 27.10% in the last 30 days. This bullish momentum allowed the token to secure the top position among the highest-gaining coins in the past 24 hours. 

Events Surrounding BCH Price Performance

Whether Bitcoin Cash will sustain the upward trajectory remains uncertain since the crypto market is gradually turning bearish. However, the sentiment remains relatively bullish even though the trading volume has declined significantly.

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Right now, institutional interest is still high following the launch of the Wall Street-backed crypto exchange EDX Market. Notably, the exchange listed four tokens, Bitcoin, Ether, Litecoin, and Bitcoin Cash, garnering the attention of crypto investors. 

Also, the crypto trading platform derives support from Charles Schwab, a top US-based investment advisor and brokerage firm, Fidelity Investments, and Ken Griffin’s Citadel Securities.

The exchange also announced new investors, including DV Crypto, GTS, Miami International Holdings, GSR Markets LTD, and HRT Technology. And participants in the space believe the launch of EDX would facilitate institutional investments in crypto.

Bitcoin Cash’s price rally stems from EDX’s launch as one of the cryptocurrencies listed on the exchange. The Securities and Exchange Commission’s view that most Proof-of-Stake network tokens are securities also drew attention to BCH. As such, the token has been rising in the last seven days.

As of Thursday, June 22, Bitcoin Cash closed with a 26.54% price gain after opening the day at $136.31. With the continued momentum, the token now trades at $143.22. Also, the hype around BlackRock, WisdomTree, and Invesco’s spot BTC ETF application has influenced Bitcoin Cash’s price action. 

It bears mentioning that the approval of these spot ETF applications could facilitate Bitcoin’s legitimacy and boost institutional interest.

Bitcoin Cash Analysis Using Technical Oscillators

As of the time of analysis, Bitcoin Cash is trading above the Bollinger Bands indicator, which signifies that the asset’s price has surpassed its usual volatility range. This metric could imply strong upward momentum or a potential breakout. 

Traders may view this as a bullish signal, indicating a potential continuation of the upward trend and possibly considering new buying opportunities. Also, the asset’s Moving Average Convergence Divergence (MACD) is trading above its signal line, with the histogram bars displaying long green candles.

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The position confirms the bullish momentum presented in Bitcoin Cash’s price, indicating a potential uptrend and long positions.

The asset currently trades between its primary support and resistance levels of $104.72 and $148.55, respectively. According to the chart, the bulls are strongly pushing the price toward the significant resistance level of $148.55. A potential bullish movement might follow if the price successfully breaks this resistance level.

Featured image from Pixabay and chart from TradingView.com