• Bitcoin Cash price has been in a strong bullish trend for the past few days.

  • The coin surged more than 150% from its May low.

  • This rise is supported by the Bitcoin ETF application.

bitcoin cash Prices continued to surge on Monday even as BTC and other cryptocurrencies moved sideways. BCH coin rose to $228.72, the highest since May 14 last year. Overall, the coin surged more than 150% from its May lows, making it one of the top performing cryptocurrencies in the world.

BCH rally continues

Bitcoin Over the past few days, other cryptocurrencies have been in a strong bullish trend. The main reason for this rise is recent. cryptocurrency news. Companies like BlackRock, WisdomTree and Invesco have announced plans to launch bitcoin ETFs. If accepted, it could help many institutional investors allocate their money to Bitcoin.

These ETF proposals have no direct impact on Bitcoin Cash. However, analysts believe the companies will submit proposals for a Bitcoin Cashspot ETF if the Bitcoin proposal is accepted. Bitcoin Cash is a hard fork of Bitcoin itself, so it is considered a commodity just like BTC.

Other cryptocurrencies that could benefit from all of this are Litecoin, Bitcoin SV, and Ethereum Classic. There are concerns that Ethereum will be shunned because the SEC believes its staking feature violates securities laws.

Bitcoin Cash’s price has also skyrocketed as it becomes one of four cryptocurrencies backed by EDX Markets, the new Fidelity, Schwab and Citadel. cryptocurrency exchange. Other cryptocurrencies offered by this exchange include Ethereum, Bitcoin, and Litecoin.

Additionally, Bitcoin Cash is performing well as it is priced lower than Bitcoin itself. Currently, the BTC to BCH ratio is 131, meaning that 1 Bitcoin is worth approximately 131 BCH.

Bitcoin Cash price prediction

The 4H chart shows that Bitcoin Cash price has been in a strong bullish trend for the past few days. It has broken out of key resistance at the May 9 high of $124. The coin is trading well above the 25- and 50-day moving averages (MAs).

It also invalidated the upper part of the double top pattern at $221.10. This was an important level after last week’s all-time high. The Relative Strength Index (RSI) has broken above the overbought level.

Therefore, BCH price may continue to move higher as buyers target the next key resistance point of $250. A move below the double top neckline of $184 would indicate that there are more sellers left in the market.

How to buy bitcoin cash

By Jules

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