Bitcoin Cash Jumps 30% in 24 Hours, Can BCH Break $500?

  • 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.

Bitcoin Cash (BTC) Price chart (Source: TradingView)

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.