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Highlights
- BCH Futures and Perpetuals open interest (OI) surged 21% in the last 24 hours.
- Bitstamp greenlighted the BCH and BTC deposited by Mt. Gox for access by creditors.
- Daily net inflow for BTC ETF remained positive month-to-date, with only 3 days of net negative inflow.
Bitcoin Cash price experienced a significant increase from the beginning of the Bitcoin conference, going into the weekend and spilling over into Monday. The gains are likely attributed to the just concluded conference in which presidential aspirants Robert F. Kennedy Jr. and Donald Trump made huge promises to the Bitcoin and crypto community.
Additionally, Bitstamp greenlighting the BCH and BTC deposited by Mt. Gox for creditors’ access may have also played a part in the renewed interest in the crypto asset.
The price of BCH hovered around $456 during the American session on Monday, a 15% gain in the last 24 hours. Nevertheless, the Bitcoin Cash price analysis reveals that the asset may still gain more as it completes a bullish reversal pattern in the daily time frame.
Net BTC ETF Inflows Remain Positive
The concluded Bitcoin conference positively affected the price of Bitcoin and BCH as the two assets broke key price barriers over the weekend. SoSo Value, an on-chain data analysis platform, shows that the U.S. Bitcoin Spot ETF saw net inflows of $56 million as of the close of business on July 26. The ETF has had over $17 billion in 6 months of trading.
Additionally, the daily net inflow has remained positive month-to-date, with only 3 days of net negative inflow.
Bitcoin price recovered above the $68,000 resistance level and is headed toward the previous all-time high. If the markets remain bullish, the asset may breach this level in the next few days.
Bitcoin Cash Price Rides on Bullish Onchain-Metrics
According to data from Coinalyze, the BCH Futures and Perpetuals open interest (OI) surged 21% in the last 24 hours. This signals that investors are funneling funds into the asset and taking positions.
Despite the increased investor interest in the asset, the OI is still below the key resistance level of around $284 million. If the OI surpasses this level, there may be a rapid inflow of buyers to BCH, sending its price back to the previous yearly high of $719.
The aggregated funding rate for BCH also turned positive, rising to 0.0036. Predictive analysis shows it might surge even higher to 0.004 tomorrow.
Aggregated Current and Predicted Funding Rate | Source: Coinalyze
BCH Price 21% Extended Rally Inbound as Asset Turns Bullish
Bitcoin Cash price action is on an upward trend, breaking above the 50-day EMA and continuing to rise. The price action recently formed an Inverted Head and Shoulders, a bullish reversal pattern indicating a potential upward movement. Moreover, this upward movement may have started a new impulsive wave, which could have resulted in a larger upward trend.
The price of BCH is now headed to test the next major resistance level from previous highs ($520). Conversely, the asset may find support around $381 and $400.
The Relative Strength Index (RSI) is 73.33, indicating overbought conditions. This suggests potential short-term consolidation or a minor pullback. The Chaikin Money Flow (CMF) is at 0.19, indicating positive money flow and buying pressure.
Overall, the technical indicators suggest BCH may continue to rise, but with occasional pullbacks.
Frequently Asked Questions (FAQs)
1. What caused the recent price increase in Bitcoin Cash?
2. What is the significance of the bullish reversal pattern in Bitcoin Cash?
3. What is the current state of Bitcoin Cash's open interest (OI)?
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