Bitcoin Cash trading volume has surged 175% in the past 24 hours.
Traders eye the $240-$250 range for potential gains.
Bitcoin Cash (BCH), a cryptocurrency that forked from Bitcoin, has been creating a buzz in the crypto market with its recent performance. It has surged to a two-month high of $234, marking an 8% increase in the past 24 hours. This price range has been long-awaited by traders who have closely watched BCH’s price.
Moreover, as a rare event during a bearish market, BCH bulls have managed to sustain their momentum for the past two weeks. It resulted in a 21% rise over the past 30 days. It’s worth noting that the month began with BCH valued at a low of $192. And by the second week, it had dipped to $178 due to intense bearish pressure.
Simultaneously, BCH’s trading volume has increased by a remarkable 175% in the last 24 hours, reaching $460 million. During the same period, its market capitalization has seen a 9.25% surge, reaching $4 billion.
Meanwhile, a noteworthy development is the substantial losses suffered by BCH shorts in the derivatives market over the past 24 hours. Short positions incurred losses totaling $650,000, constituting a significant 95.11% of the total liquidations within this timeframe, according to data from crypto data analysis platform, Coinglass.
This widespread liquidation of selling positions has favored buyers. It led to a notable 51% share held by long positions in the exchange long/short ratio.
Also, It’s essential to recognize that BCH is still quite distant from it’s all-time high, which was achieved six years ago, with a substantial 95% gap remaining.
Can BCH Pull Bull Run Further?
Analyzing Bitcoin Cash’s recent price movements, it’s clear that a bullish trend prevails on the daily chart. The 50-day exponential moving average (EMA) currently stands above the trading price at $209. Additionally, the daily relative strength index (RSI) is at 67, indicating an almost overbought condition.
Market sentiment among traders remains positive, with many eyeing the possibility of BCH reaching the $240 to $250 range for further gains. Nonetheless, it’s crucial to be cautious and keep in mind that a dip below the $200 mark could undermine this bullish outlook. It might potentially result in a retest of the $186 support level.