Key Takeaways:
- BCH saw an impressive 33.53% surge in 24 hours and 75% in the last week, showing a bullish trend on both local and daily timeframes.
- Open Interest for BCH is skyrocketing at 87.71%, equating to $264.81 million, indicating high trading activity and interest in the asset.
- BCH experienced an additional boost following its listing on EDX Markets, an exchange backed by Fidelity, Schwab, and Citadel.
Bitcoin Cash (BCH) has been in the limelight as it experienced a colossal surge of 33.53% in the past 24 hours, and an astounding 75% over the past week.
Brief Price Analysis:
Despite today’s meteoric rise, BCH’s trajectory appears bullish on the local timeframe. At the time of writing, the price is grappling to reclaim an hourly resistance level pegged at $191. If buyers manage to seize this level, we could witness the bullish trend continue to climb towards the coveted $200 range. This scenario holds water until the week winds down.
A similar narrative unfolds on the daily chart. The candlestick is teetering on the brink of closing above the $190 mark – a level that was previously breached in a false breakout. If this closure happens without conspicuous long wicks, the upward thrust could potentially catalyze a test of the $210 area in the not-so-distant future.
Looking forward, market participants should keep their radars tuned to the $205 level from a mid-term standpoint. A successful breach of this level could very well be the harbinger of a sustained ascent towards $200 and potentially higher. This notion gains credence when you factor in BCH’s accumulation phase spanning the last year.
Open Interest Breakdown:
Another critical metric in the mix is Open Interest – which gauges the nominal value of open positions on a given asset. BCH’s open interest is soaring at a staggering 87.71%, which translates to $264.81 million. Data churned out by Coinglass reveals a remarkable uptick in BCH’s open interest, breaking the $266 million barrier. This marks an 85% upswing in a single trading day. Moreover, BCH-centric trading volumes have skyrocketed by a whopping 575.8%, touching a monumental $4.51 billion.
Exchange Endorsement Boost:
An intriguing twist in the BCH saga is its surge following its listing on EDX Markets. This exchange, which boasts the backing of industry behemoths like Fidelity, Schwab, and Citadel, has listed BCH alongside cryptocurrency giants like Bitcoin, Ethereum, and Litecoin.
In essence, BCH has been on a tear with its price, and open interest showing substantial gains. The endorsement from EDX Markets adds fuel to this fiery ascent. Market participants should tread with caution and keep an eye on critical resistance levels in this volatile landscape.
Sources
https://coinmarketcap.com/currencies/bitcoin-cash/
