Bitcoin Cash

Bitcoin

Time

Daily

<ul> 
 <li>Bitcoin Cash trading volume has surged 175% in the past 24 hours.</li> 
 <li>Traders eye the $240-$250 range for potential gains.</li> 
</ul> 
Bitcoin Cash (BCH), a cryptocurrency that forked from Bitcoin, has been creating a buzz in the crypto market with its recent performance. It has surged to a two-month high of $234, marking an 8% increase in the past 24 hours. This price range has been long-awaited by traders who have closely watched BCH’s price. 
Moreover, as a rare event during a <a href="https://thenewscrypto.com/bitcoins-uphill-battle-bears-persist-as-etf-hope-dwindles/" rel="noopener noreferrer nofollow">bearish</a> market, BCH bulls have managed to sustain their momentum for the past two weeks. It resulted in a 21% rise over the past 30 days. It’s worth noting that the month began with BCH valued at a low of $192. And by the second week, it had dipped to $178 due to intense bearish pressure. 
Simultaneously, BCH’s <a href="https://coinmarketcap.com/currencies/bitcoin-cash/" rel="noopener noreferrer nofollow">trading volume</a> has increased by a remarkable 175% in the last 24 hours, reaching $460 million. During the same period, its market capitalization has seen a 9.25% surge, reaching $4 billion. 
Meanwhile, a noteworthy development is the substantial losses suffered by BCH shorts in the derivatives market over the past 24 hours. Short positions incurred losses totaling $650,000, constituting a significant 95.11% of the total liquidations within this timeframe, according to data from crypto data analysis platform, Coinglass. 
This widespread liquidation of selling positions has favored buyers. It led to a notable 51% share held by long positions in the exchange long/short ratio. 
Also, It’s essential to recognize that BCH is still quite distant from it’s all-time high, which was achieved six years ago, with a substantial 95% gap remaining. 
<h3 class="wp-block-heading" id="h-can-bch-pull-bull-run-further">Can BCH Pull Bull Run Further?</h3> 
Analyzing Bitcoin Cash’s recent price movements, it’s clear that a bullish trend prevails on the daily chart. The 50-day exponential moving average (EMA) currently stands above the trading price at $209. Additionally, the daily relative strength index (RSI) is at 67, indicating an almost overbought condition. 
<div class="wp-block-image"> 
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 <img decoding="async" src="https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04-1024x466.png" alt="" class="wp-image-83037" style="width: 100%;height:382px" width="840" height="382" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04-1024x466.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04-300x136.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04-768x349.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04-150x68.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/09/BCHUSDT_2023-09-28_12-01-04.png 1515w" sizes="(max-width: 840px) 100vw, 840px"> 
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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bitcoin Cash (BCH) Daily Price Chart (Source: <a href="https://www.tradingview.com/chart/EJXIwxE9/?symbol=PHEMEX%3ABCHUSDT" rel="noopener noreferrer nofollow">TradingView</a>) 
 
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</div> 
Market sentiment among traders remains positive, with many eyeing the possibility of BCH reaching the $240 to $250 range for further gains. Nonetheless, it’s crucial to be cautious and keep in mind that a dip below the $200 mark could undermine this bullish outlook. It might potentially result in a retest of the $186 support level.

Bitcoin Cash (BCH) Breaks $230 Barrier: Time to Long?

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