Bitcoin Cash Surges 5%, Chalks Out Bullish Golden Cross Against BTC
2025-07-01 14:31:11
Main Idea
Bitcoin Cash (BCH) has surged 5% in 24 hours, with a bullish golden crossover against BTC indicating potential for a bull market, despite weak on-chain fundamentals.
Key Points
1. Bitcoin Cash (BCH) rose over 5% in 24 hours, reaching $528, with trading volume tripling to over 120,000 BCH.
2. The BCH/BTC pair has gained nearly 20% in four weeks, hitting a six-month high of 0.0049.
3. A bullish golden crossover (50-day SMA crossing above the 200-day SMA) suggests potential for a significant bull market.
4. On-chain data indicates a 'critical demand deficit,' suggesting the rally is driven by speculation rather than network usage or adoption.
5. Despite the price surge, fundamentals like active addresses and network demand remain weak.
Description
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...
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