Bitcoin Cash (BCH) has experienced a significant upward movement, surging over 20% recently and reaching a multi-week high, fueled by strong investor interest and a bullish crypto market environment. Traders are heavily leveraged between $458.7 and $486.9, with long positions dominating short positions, highlighting a prevailing optimism for BCH's price trajectory.
Experts and analysts suggest that Bitcoin Cash could continue its upward momentum, targeting resistance zones between $625 and $915, as the asset has broken out of a multi-month accumulation phase and established strong weekly bullish momentum. Despite ongoing geopolitical tensions between Israel and Iran, BCH remains resilient and attracts attention from traders and crypto enthusiasts alike.
On-chain data reveals a mixed sentiment: while some long-term holders appear to be offloading their BCH holdings, significant inflows to exchanges suggest potential selling pressure could emerge, posing risks to the uptrend. However, derivatives market data shows bullish tilt with the funding rate for BCH futures at 0.0006%, indicating a preference for long positions among traders.
BCH currently trades near $471-$476 and is approaching a critical resistance level around $485-$490. Historically, this zone has been a strong reversal point with substantial selling pressure. A successful breakout above this threshold could propel BCH toward $556.60 and possibly higher resistance targets highlighted by analysts. Conversely, renewed selling could push BCH prices down to support levels near $444 and $435.
Bitcoin Cash's rally is also benefiting from the broader market uplift led by Bitcoin (BTC), which recently traded above $108,000, rejuvenating bullish sentiment for altcoins including BCH.