Bitcoin Cash

Rally

Bitcoin

Billion

Rise

<div class="watcher-guru"> 
 <p>Most top crypto assets have been in their consolidation phase of late. However, Bitcoin Cash managed to defy that trend and emerge as the top gainer today. In the last 24 hours, it spiked by around 8% and was seen exchanging hands at the brink of $237 at press time. In this article, we will analyze whether the BCH market has enough steam to extend its rally or not.</p> 
 <h3 class="wp-block-heading" id="h-the-metric-front">The Metric Front</h3> 
 <p>According to on-chain data, the number of unique addresses holding $100 worth of BCH or more has registered a rise from 599.929k to 655.09k since mid-September, indicating that the accumulation trend is on.</p> 
 <p>However, the balance of <a rel="dofollow" title="Bitcoin Cash" href="https://thebittimes.com/tag/bitcoin-cash.html">Bitcoin Cash</a> belonging to holders has seen a slight dip from 11.76 million to 11.72 million over the past fortnight, suggesting that profit booking has already commenced. However, the intensity is not that high yet. In fact, whales registered similar behavioral patterns as well. Their aggregate net flow has been hovering in negative territory. At press time, their sell orders were greater than their buy orders by around 7.99k <a rel="dofollow" title="BCH" href="https://thebittimes.com/tag/bch.html">BCH</a> tokens.</p> 
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  <img decoding="async" width="1024" height="517" src="https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp" alt class="wp-image-113978" srcset="https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 1024w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 300w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 768w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 1536w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 380w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 550w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 800w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 1160w, https://cdn.thebittimes.com/images/2023/09/28/19a3154ff04d66260ca8d3c80a86eb60.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Sum of Unique Addresses Holding &gt;$100 worth BCH, Balance of BCH Belonging to Holders, Large Holders’ BCH Netflows 
   <br>Source: TradingView
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 <p><strong>Also Read: Crypto AUM Could Rise to $500 Billion in 5 Years: Bernstein</strong></p> 
 <h3 class="wp-block-heading" id="h-the-bitcoin-cash-bull-bear-battle">The Bitcoin Cash Bull-Bear Battle</h3> 
 <p>The aforementioned metrics point out that bears are attempting to gain a commanding position in the market. However, they have not yet been able to assert their full-fledged dominance. If bulls continue fighting, they could end up nullifying the bearish bias. On a weekly, <a rel="dofollow" title="Bitcoin Cash" href="https://thebittimes.com/tag/bitcoin-cash.html">Bitcoin Cash</a> is already in the midst of an uptrend and is only 39% below its 2023 high. </p> 
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  <img decoding="async" width="1024" height="518" src="https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp" alt class="wp-image-113983" srcset="https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 1024w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 300w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 768w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 1536w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 380w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 550w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 800w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 1160w, https://cdn.thebittimes.com/images/2023/09/28/30ef0b901df52c16f1a46bb6873f41ec.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BCH/USDT by TradingView
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 <p><strong>Also Read: Ethereum Creates ‘Bullish’ Divergence: 12% Rally to Follow?</strong></p> 
 <p>On the technical front, it is essential for <a rel="dofollow" title="Bitcoin Cash" href="https://thebittimes.com/tag/bitcoin-cash.html">Bitcoin Cash</a> to hold above $233.7 over the next few trading sessions. Doing so will keep the doors open for the asset to test $255.3. In fact, even from an on-chain perspective, <a rel="dofollow" title="BCH" href="https://thebittimes.com/tag/bch.html">BCH</a> has no immediate resistance. Its next major hurdle only lies around the average price of $279.5, where 1.15 million addresses have accumulated 1.98 million <a rel="dofollow" title="BCH" href="https://thebittimes.com/tag/bch.html">BCH</a>. So, the odds of the sell pressure rising at the current juncture seem to be fairly low at the moment.</p> 
 <p>However, the bullish thesis will be invalidated if <a rel="dofollow" title="BCH" href="https://thebittimes.com/tag/bch.html">BCH</a> loses the $230.1 support level. In such a scenario, it could drop down to $210.7 or $201.8, depending on the bearish pressure.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="673" src="https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp" alt class="wp-image-113987" srcset="https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 1024w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 300w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 768w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 380w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 230w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 260w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 550w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 800w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 1160w, https://cdn.thebittimes.com/images/2023/09/28/231c61a065d550566289216bec21658e.webp 1178w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: Business Standard
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 <p><strong>Also Read: PYUSD: Crypto.com Partners With PayPal, Paxos</strong></p> 
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<div class="cs-entry__tags">
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  <li>BCH</li>
  <li>Bitcoin Cash</li>
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</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-cash-up-8-can-bulls-push-bch-to-250-tbt64293.html">https://thebittimes.com/bitcoin-cash-up-8-can-bulls-push-bch-to-250-tbt64293.html</a></p>

Bitcoin Cash Up 8%: Can Bulls Push BCH to $250?

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