Bitcoin’s
Offshoot Bitcoin Cash made impressive gains over the last 24 hours and bowed the weakness of BTC and the wider market.
BCH has achieved over 5% from $ 491.25 to $ 516 in 24 hours, with trading volume tripling at a time when over 120,000 BCH changed hands. Prices hit a high of $ 528 at one point, the level last seen on December 18, according to Coindesk data.
While a high-volume rally is said to be sustainable, gains are not supported by improvements in onchain-founding elements. According to Coindesk’s AI research, Fundamentals of Bitcoin Cash Network recently hit six-year-old low lower in daily active addresses. Per On-Chain data is experiencing the network a “critical demand deficit” that suggests that the recent price action has been driven more by speculation than actual networking or adoption.
Key AI insight
- Over the past 24 hours from June 30, 13:00 to July 1, 12:00, BCH showed a significant bullish trend and climbed from $ 491.25 to $ 519.65, representing a gain of 5.8%.
- The price range during this period was $ 37.80 (7.7%)With BCH, which reached a highlight of $ 527.37 at. 03:00 on July 1 after unique volume support.
- Key resistance formed about $ 527 with multiple tests while creating support for $ 519- $ 520, which suggests continued Bullish Momentum despite the smaller withdrawal.
- Over 120,000 BCH changed hands at.
- In the last 60 minutes from July 1, 11:30 to 12:29, BCH experienced considerable volatility, which originally climbed 0.55% from $ 519.67 to $ 522.55 with 11:57 before he sharply dropped 0.71% to close at $ 518.85.
BCH/BTC creeps Golden Cross
The Binance -noted Bitcoin Cash-Bitcoin (BCH/BTC) Couples who track the ratio of BCH and BTC prices have risen almost 20% in four weeks and hit a six -month height of 0.0049, according to data source trading.
BCH’s outperformance collects speed, as shown in the bullish golden crossover of the 50-day simple sliding average (SMA) Crosses over the 200-day SMA.
The pattern indicates that short -term momentum is now transcending the broader trend, with the potential to develop into a significant bull market.
