Bitcoin Cash

Bitcoin

Spot

Bitcoin Cash price experienced a significant increase from the beginning of the Bitcoin conference, going into the weekend and spilling over into Monday. The gains are likely attributed to the just concluded conference in which presidential aspirants Robert F. Kennedy Jr. and Donald Trump made huge promises to the Bitcoin and crypto community.&nbsp; 
Additionally, Bitstamp greenlighting the BCH and BTC deposited by Mt. Gox for creditors’ access may have also played a part in the renewed interest in the crypto asset. 
The price of BCH hovered around $456 during the American session on Monday, a 15% gain in the last 24 hours. Nevertheless, the Bitcoin Cash price analysis reveals that the asset may still gain more as it completes a bullish reversal pattern in the daily time frame. 
<h2 id="b-net-btc-etf-inflows-remain-positive-b">Net BTC ETF Inflows Remain Positive</h2> 
The concluded Bitcoin conference positively affected the price of Bitcoin and BCH as the two assets broke key price barriers over the weekend. <a rel="nofollow" href="https://sosovalue.xyz/assets/etf/us-btc-spot">SoSo Value</a>, an on-chain data analysis platform, shows that the U.S. Bitcoin Spot ETF saw net inflows of $56 million as of the close of business on July 26. The ETF has had over $17 billion in 6 months of trading. 
Additionally, the daily net inflow has remained positive month-to-date, with only 3 days of net negative inflow. 
<figure id="attachment_209896" aria-describedby="caption-attachment-209896" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209896" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06.jpeg" alt="Total Daily Bitcoin Spot ETF Inflow" width="1280" height="385" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06-300x90.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06-1224x368.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06-768x231.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.06-150x45.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-209896" class="wp-caption-text">
 Total Daily Bitcoin Spot ETF Inflow | Source: SoSo Value
 </figcaption>
</figure> 
<a href="https://coingape.com/price/bitcoin">Bitcoin price</a> recovered above the $68,000 resistance level and is headed toward the previous all-time high. If the markets remain bullish, the asset may breach this level in the next few days. 
<h2 id="b-bitcoin-cash-price-rides-on-bullish-onchain-metrics-b">Bitcoin Cash Price Rides on Bullish Onchain-Metrics</h2> 
According to data from <a rel="nofollow" href="https://coinalyze.net/bitcoin-cash/open-interest/">Coinalyze</a>, the BCH Futures and Perpetuals open interest (OI) surged 21% in the last 24 hours. This signals that investors are funneling funds into the asset and taking positions. 
Despite the increased investor interest in the asset, the OI is still below the key resistance level of around $284 million. If the OI surpasses this level, there may be a rapid inflow of buyers to BCH, sending its price back to the previous yearly high of $719. 
<figure id="attachment_209897" aria-describedby="caption-attachment-209897" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209897" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07.jpeg" alt="Aggregated Open Interest | Source: Coinalyze" width="1280" height="544" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07-300x128.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07-1224x520.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07-768x326.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07-1030x438.jpeg 1030w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.13.07-150x64.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-209897" class="wp-caption-text">
 Aggregated Open Interest | Source: Coinalyze
 </figcaption>
</figure> 
The aggregated funding rate for BCH also turned positive, rising to&nbsp; 0.0036. Predictive analysis shows it might surge even higher to 0.004 tomorrow.&nbsp; 
Aggregated Current and Predicted Funding Rate | Source: Coinalyze 
<h2 id="b-bch-price-21-extended-rally-inbound-as-asset-turns-bullish-b">BCH Price 21% Extended Rally Inbound as Asset Turns Bullish</h2> 
<figure id="attachment_209898" aria-describedby="caption-attachment-209898" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209898" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44.jpeg" alt="Bitcoin Cash price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-29-at-09.12.44-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-209898" class="wp-caption-text">
 Bitcoin Cash Price Chart
 </figcaption>
</figure> 
Bitcoin Cash price action is on an upward trend, breaking above the 50-day EMA and continuing to rise. The price action recently formed an Inverted Head and Shoulders, a bullish reversal pattern indicating a potential upward movement. Moreover, this upward movement may have started a new impulsive wave, which could have resulted in a larger upward trend. 
The <a href="https://coingape.com/price/bitcoin-cash">price of BCH</a> is now headed to test the next major resistance level from previous highs ($520). Conversely, the asset may find support around $381 and $400.&nbsp; 
The Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a>) is 73.33, indicating overbought conditions. This suggests potential short-term consolidation or a minor pullback. The Chaikin Money Flow (CMF) is at 0.19, indicating positive money flow and buying pressure. Overall, the technical indicators suggest BCH may continue to rise, but with occasional pullbacks. 
The post <a href="https://coingape.com/markets/bitcoin-cash-price-flashes-bullish-pattern-amid-positive-net-btc-etf-inflows/">Bitcoin Cash Price Soars 15%, Flashes Bullish Pattern Amid Positive BTC ETF Inflows</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Cash Price Soars 15%, Flashes Bullish Pattern Amid Positive BTC ETF Inflows

Table of Contents

Coingape News Media

Άλλα άρθρα που δημοσιεύτηκαν στις 29 Ιουλ 2024

Excitement Mounts for BlockDAG CEO Reveal, Presale Crosses $62M Leaving Fetch.ai and Bitcoin In T...

Bitcoin Nears $70,000: Is a Massive Drop Coming as Traders Bet Against It?

Compound Finance Hack Unlikely on Curve Finance, Says Founder

North Korean Hackers Suspected in $235M WazirX Crypto Heist

Coinbase Deal Likely Behind US Govt’s $2B BTC Transfer: Bloomberg Analyst

Shiba Inu Price to Escape End 5 Month Correction with this Breakout

Join our free newsletter for daily crypto updates!