Bitcoin Cash (BCH) has been on a strong bullish trend in the last few weeks. The coin has grown by more than 150% since its lowest point in May. This rally has been supported by the Bitcoin ETF applications.
Monday, the BCH price climbed to its highest ever, $228.72. This is a massive increase of 1500% since its lowest level in May. It is currently one of the best-performing currencies in the world.
This upward trend is also seen in other cryptocurrencies. The recent crypto news such as Blackrock, WisdomTree, Invesco and ETF applications have been driving the rally. If these ETFs are accepted by institutional investors, they will be able to allocate their funds more effectively.
BCH is not directly affected by these ETF proposals, but analysts believe that these companies are likely to file their documents. If Bitcoin ETFs are approved, it might also be beneficial for other cryptocurrencies such as Litecoin, Bitcoin SV, Ethereum Classic and EDX.
The EDX token has also seen a price increase after the new crypto exchange, backed by Fidelity, Schwab, and Citadel, started offering it. The exchange also offers other cryptocurrencies such as Ethereum, Bitcoin and Litecoin.
At the time of writing, the BTC/BCH ratio stands at 131, meaning that 1 Bitcoin equals 131 BCH.
Bitcoin Cash price prediction
The 4H chart shows that BCH has been on a strong upward trend in the last few weeks. The price has now surpassed the critical resistance level of $124, which was also the highest point in the market since May 9th. The price has also moved above the 25-day MA and the 50-day MA.
Additionally, the upper portion of the double-top design was invalidated at $221.10. The Relative Strength Index (RSI) has also moved past the overbought levels. This indicates that buyers are aiming for the next major resistance level at $250 and that BCH will likely continue to rise. A drop below the double-top collarline at $184 would indicate more sellers remain in the market.
If you are looking to purchase Bitcoin Cash, you can find a variety of platforms to do so. Make sure to do your research and compare services before you decide which one to use.
