Bitcoin Cash

bullish

Bitcoin

April

<p class="is-style-lead">Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride.&nbsp;</p> 
<p>An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10.&nbsp;</p> 
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   <li><a href="#bitcoin-hits-all-time-high-fork-from-2017-ignites-hope-for-traders">Bitcoin hits all-time high, fork from 2017 ignites hope for traders</a></li>
   <li><a href="#derivatives-traders-are-bullish-on-bch">Derivatives traders are bullish on BCH</a></li>
   <li><a href="#technical-indicators-show-bch-could-gain-18">Technical indicators show BCH could gain 18%</a></li>
  </ul>
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<h2 class="wp-block-heading" id="bitcoin-hits-all-time-high-fork-from-2017-ignites-hope-for-traders">Bitcoin hits all-time high, fork from 2017 ignites hope for traders</h2> 
<p>Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash.&nbsp;</p> 
<p>BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation.&nbsp;</p> 
<p>BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token.&nbsp;</p> 
<p>Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency.&nbsp;</p> 
<p>The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin.&nbsp;</p> 
<p>Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1600" height="541" src="https://crypto.news/app/uploads/2024/11/image-36.png" alt="Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 41" class="wp-image-14312774">
 <figcaption class="wp-element-caption">
  BCH price vs. active addresses, binance funding rate, ratio of daily on-chain transaction volume in profit to loss | Source: <a href="https://app.santiment.net/charts/ArvY1iB4__sCl" target="_blank" rel="nofollow">Santiment&nbsp;</a>
 </figcaption>
</figure> 
<p>The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL.&nbsp;</p> 
<p>Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms.&nbsp;</p> 
<p>84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1600" height="541" src="https://crypto.news/app/uploads/2024/11/image-37.png" alt="Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 42" class="wp-image-14312775">
 <figcaption class="wp-element-caption">
  BCH price vs. network realized profit/loss, percent of total supply in profit | Source: <a href="https://app.santiment.net/charts/ArvY1iB4__sCl" target="_blank" rel="nofollow">Santiment</a>
 </figcaption>
</figure> 
<p> You might also like: <a rel="" href="https://crypto.news/this-emerging-altcoin-could-surge-15000-in-the-current-bull-run/"> This emerging altcoin could surge 15,000% in the current bull run </a> </p> 
<h2 class="wp-block-heading" id="derivatives-traders-are-bullish-on-bch">Derivatives traders are bullish on BCH</h2> 
<p>Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders.&nbsp;</p> 
<p>Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1310" height="646" src="https://crypto.news/app/uploads/2024/11/image-38.png" alt="Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 43" class="wp-image-14312776">
 <figcaption class="wp-element-caption">
  Bitcoin Cash derivatives data analysis | Source: <a href="https://www.coinglass.com/currencies/BCH" target="_blank" rel="nofollow">Coinglass&nbsp;</a>
 </figcaption>
</figure> 
<p>BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.&nbsp;&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1600" height="534" src="https://crypto.news/app/uploads/2024/11/image-39.png" alt="Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 44" class="wp-image-14312777">
 <figcaption class="wp-element-caption">
  BCH futures open interest | Source: <a href="https://www.coinglass.com/currencies/BCH" target="_blank" rel="nofollow">Coinglass</a>
 </figcaption>
</figure> 
<p> You might also like: <a rel="" href="https://crypto.news/bitcoin-mirrors-2020-bull-phase-cryptoquant-ceo-says/"> Bitcoin mirrors 2020 bull phase, CryptoQuant CEO says </a> </p> 
<h2 class="wp-block-heading" id="technical-indicators-show-bch-could-gain-18">Technical indicators show BCH could gain 18%</h2> 
<p>The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout.&nbsp;</p> 
<p>The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021.&nbsp;</p> 
<p>The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum.&nbsp;</p> 
<p>The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1600" height="1137" src="https://crypto.news/app/uploads/2024/11/image-40.png" alt="Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 45" class="wp-image-14312778">
 <figcaption class="wp-element-caption">
  BCH/USDT daily price chart | Source:<a rel="" href="https://crypto.news/price/bitcoin-cash/"> Crypto.news</a>
 </figcaption>
</figure> 
<p>A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50.&nbsp;</p> 
<p> Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. </p>

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH

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