Bitcoin ETF Anticipation Causes Bitcoin Cash (BCH) Surge

1. Bitcoin Cash (BCH) has had a great rally recently.
2. The sudden surge of BCH is likely caused by the anticipation around Bitcoin ETFs.
3. BCH’s price this week means a 150% increase since May.

Bitcoin Cash (BCH) has experienced a remarkable surge in price in recent weeks, with the coin growing by over 150% since its lowest point in May. This bullish trend has been supported by the anticipation surrounding Bitcoin exchange-traded fund (ETF) applications.

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On Monday, BCH reached its all-time high at $228.72. This marks an astounding increase of 150% since May. It has become one of the best-performing currencies globally, and this positive momentum can also be observed in other cryptocurrencies.

Crypto news surrounding major players like Blackrock, WisdomTree, Invesco, and their ETF applications have been instrumental in driving the rally. While BCH itself is not directly impacted by these ETF proposals, analysts believe that these companies are likely to file their documents. The approval of Bitcoin ETFs could also have a positive ripple effect on other cryptocurrencies such as Litecoin, Bitcoin SV, Ethereum Classic, and EDX.

The EDX token has experienced a price surge following the launch of a new crypto exchange backed by Fidelity, Schwab, and Citadel, which offers a range of cryptocurrencies including Ethereum, Bitcoin, Litecoin, and EDX.

As of now, the BTC/BCH ratio stands at 131, meaning that 1 Bitcoin equals 131 BCH.

Analyzing the 4-hour chart, BCH has been on a strong upward trend, surpassing the critical resistance level of $124. It has also moved above the 25-day moving average (MA) and the 50-day MA. Additionally, the upper portion of the double-top pattern was invalidated at $221.10. 

The Relative Strength Index (RSI) has crossed the overbought levels, suggesting that buyers are targeting the next significant resistance level at $250, indicating further potential growth. However, a drop below the double-top collarline at $184 would indicate the presence of more sellers in the market.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

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