- Bitcoin Cash has stagnated around the $230 level after rebounding from the $ 204 support tested a few days ago.
- Investors remain jittery about revisiting previous supports if the next short-term target of $250 is not breached in the coming days.
Bitcoin Cash (BCH) has become one of the most closely watched altcoins in the crypto market. At the time of press, the altcoin has been one of the best performers in the last 24 hours. At the time of press, the Bitcoin fork has recorded a nearly 10 percent surge in the last 24 hours to reach $232. At the same time, the daily transaction volume has catapulted by more than 60 percent to reach nearly $300 million. The breakout follows a short-term trend that saw the digital asset retest the $200 local support.
With no major announcement on the technical development of the blockchain, or similarly a catalyst for adoption, the move seems to be fueled by the technical setup of the digital asset on the market. Earlier, The Relative Strength Index (RSI) climbed above the neutral 50 mark and stood at 58. This is a bullish sign that points to buying pressure. This narrative was further supported by the Chaikin Money Flow (CMF) highlighted growing capital inflows with a reading of +0.05.
The breakout has caught many by surprise, leading to massive liquidation. Coinglass data shows BCH recorded losses worth $650k, amounting to around 95.11 percent of the total liquidations in the last 24 hours.
Bitcoin Cash (BCH) to Fuel 2024 Price Rally
Like Bitcoin, Bitcoin Cash is scheduled to undergo its halving in April 2024. Similar to Bitcoin, BCH undertakes this event every four years in a bid to limit supply by slashing the mining reward by half. After the upcoming halving, the block reward will be reduced from 6.25 BCH to 3.125 BCH. Investors are bullish about the event and look forward to seeing the digital asset revisiting its all-time high of $3,785 reached almost 6 years ago.
In addition to halving, Bitcoin Cash has further been enjoying its association with Bitcoin in that it is not a security. The U.S. Securities and Exchange Commission (SEC) recently released a list of tokens it believes are securities. Among the coins highlighted includes Polygon (MATIC), Cardano (ADA), and Solana (SOL). In fact according to SEC chair Gary Gensler, the only coin that the SEC can with certainty rule out as not a security is Bitcoin.
A fork of Bitcoin, Bitcoin Cash is also presumed not to be a security. This assumption has recently been affirmed after the altcoin was listed on EDX Markets, a new cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab Corporation, and Sequoia among others.
Read More: Bitcoin, Ethereum, LTC, and Bitcoin Cash Can Be Considered Non-Securities as Wall Street Giant Citadel-Backed EDX Lists All of Them
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