Bitcoin Cash (BCH) price has surged recently.

  • The price of Bitcoin Cash has been on a strong upward trend in recent days.

  • The coin has increased by over 150% from its lowest point in May.

  • This rally is being driven by the applications for Bitcoin ETFs.

On Monday, the price of Bitcoin Cash continued to rise even as BTC and other cryptocurrencies remained stable. The BCH coin reached a high of $228.72, its highest level since May 14th of last year. Overall, the coin has risen by more than 150% from its lowest point in May, making it one of the best-performing cryptocurrencies in the world.

BCH rally continues

Bitcoin and other cryptocurrencies have been on a strong upward trend in recent days. This rally is mostly due to recent cryptocurrency news. Companies like Blackrock, WisdomTree, and Invesco have announced plans to launch their Bitcoin ETFs. If accepted, this is likely to help many institutional investors allocate funds to Bitcoin.

These ETF proposals do not directly affect Bitcoin Cash. However, analysts believe that these companies will file their Bitcoin Cash spot ETF proposals if the Bitcoin one is accepted. Bitcoin Cash, like BTC, is seen as a commodity since it is a hard fork of Bitcoin itself.

Other cryptocurrencies that could benefit from all of this are Litecoin, Bitcoin SV, and Ethereum Classic. There are concerns that Ethereum will be avoided because of its staking feature, which the SEC believes contravenes securities law.

Bitcoin Cash price also rose after it became one of the four cryptocurrencies offered by EDX Markets, the new Fidelity, Schwab, and Citadel-backed crypto exchange. The other cryptocurrencies offered by the exchange are Ethereum, Bitcoin, and Litecoin.

Furthermore, Bitcoin Cash is performing well because it has a lower price than Bitcoin itself. The BTC and BCH ratio currently stands at 131, meaning that 1 Bitcoin is worth about 131 BCHs.

Bitcoin Cash price prediction

The 4H chart shows that the Bitcoin Cash price has been on a strong upward trend in recent days. It has risen above the important resistance point at $124, the highest point on May 9th. The coin has also moved sharply above the 25-day and 50-day moving averages (MA).

It has also invalidated the upper part of the double-top pattern at $221.10. This was an important level since it was the highest level last week. The Relative Strength Index (RSI) has moved above the overbought level.

Therefore, there is a likelihood that the BCH price will continue to rise as buyers target the next key resistance point at $250. A move below the double-top neckline at $184 will signal that there are more sellers left in the market.

How to buy Bitcoin Cash

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