Bitcoin's BTC offshoot bitcoin cash BCH chalked out impressive gains in the past 24 hours, bucking the weakness in BTC and the broader market.
BCH has gained over 5% from $491.25 to $516 in 24 hours, with trading volume tripling at one point as over 120,000 BCH changed hands. Prices hit a high of $528 at one point, the level last seen on Dec. 18, according to CoinDesk data.
While a high-volume rally is said to be sustainable, gains are not backed by improvement in onchain fundamentals. According to CoinDesk's AI research, fundamentals for the Bitcoin Cash network recently hit six-year lows in daily active addresses. Per on-chain data, the network is experiencing a "critical demand deficit," suggesting the recent price action is driven more by speculation than actual network usage or adoption.
Key AI insights
- In the last 24 hours from June 30, 13:00 to July 1, 12:00, BCH exhibited a significant bullish trend, climbing from $491.25 to $519.65, representing a 5.8% gain.
- The price range during this period was $37.80 (7.7%), with BCH reaching a peak of $527.37 at 03:00 on July 1 following exceptional volume support.
- Key resistance formed around $527 with multiple tests, while support was established at $519-$520, suggesting continued bullish momentum despite the minor pullback.
- Over 120,000 BCH changed hands at 01:00—nearly triple the 24-hour average volume, indicating strong buyer interest.
- In the last 60 minutes from 1 July 11:30 to 12:29, BCH experienced significant volatility, initially climbing 0.55% from $519.67 to $522.55 by 11:57, before sharply declining 0.71% to close at $518.85.
BCH/BTC chalks out golden cross
The Binance-listed bitcoin cash-bitcoin (BCH/BTC) pair, which tracks the ratio between the prices of BCH and BTC, has risen nearly 20% in four weeks, hitting a six-month high of 0.0049, according to data source TradingView.
BCH's outperformance is gathering momentum as evidenced by the bullish golden crossover of the 50-day simple moving average (SMA) crossing above the 200-day SMA.
The pattern indicates that short-term momentum is now outperforming the broader trend, with the potential to evolve into a significant bull market.
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