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 $444 during the European session on Monday, a 13.1% 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="noopener noreferrer 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" rel="noopener noreferrer nofollow">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="noopener noreferrer 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" rel="noopener noreferrer nofollow">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/" rel="noopener noreferrer nofollow">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/" rel="noopener noreferrer nofollow">Bitcoin Cash Price Flashes Bullish Pattern Amid Positive NET BTC ETF Inflows</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Cash Price Flashes Bullish Pattern Amid Positive NET BTC ETF Inflows

Indice dei contenuti

Coingape News Media

Altri articoli pubblicati su 29 lug 2024

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

Streamlining Project Deployment in the Blockchain Industry in 2024

Bitcoin, Ethereum, Dogecoin Move Sideways As Trump Raises Pro-Crypto Pitch - Why Does This Analys...

The Ultimate Guide to Altcoins Expected to Surge in 2024

Analyst predicts Solana (SOL) could reach $1,000

Bitcoin, gold on track to break out as ‘macro summer’ begins: Analyst

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!