Cash (BCH), a well-known fork of Bitcoin, captured significant attention with a striking increase in its price over the last 24 hours. The altcoin‘s value surged by approximately 12%, trading around $596, placing BCH among the top-performing assets of the day. During this period, while Bitcoin and several major altcoins were in the red, the unusual rise in BCH provoked curiosity about what triggered this rally. var litespeed_vary=document.cookie.replace(/(?:(?:^|.*;\s*)_lscache_vary\s*\=\s*([^;]*).*$)|^.*$/,"");litespeed_vary||fetch("/wp-content/plugins/litespeed-cache/guest.vary.php",{method:"POST",cache:"no-cache",redirect:"follow"}).then(e=>e.json()).then(e=>{console.log(e),e.hasOwnProperty("reload")&&"yes"==e.reload&&(sessionStorage.setItem("litespeed_docref",document.referrer),window.location.reload(!0))});
Investor Appetite Fuels the Upward Movement
The primary factor behind Bitcoin Cash’s surge was the robust buying interest from individual investors. This movement accelerated in an environment supportive of risk appetite following the Consumer Price Index (CPI) in U.S. inflation data recording at 2.7%. Concurrently, Binance data revealed that high-level trading investors increased their long positions on Bitcoin Cash. The number of traders opening upward positions and the size of these positions both saw significant growth.
The second driving force manifested distinctly in the futures market. The open interest value in BCH futures climbed to a six-month peak, indicating the entrance of new venture capital into the market. According to CoinGlass data, open interest surged by 18.69% over the last 24 hours, reaching $761.48 million. Additionally, the shift in the funding rate to positive signaled that bullish investors were willing to pay a premium to hold their positions.
The $615 Barrier: Key to Sustained Growth
In the short-term technical perspective, BCH’s price holding above critical moving averages on the 4-hour chart strengthens the optimistic outlook. The price rebounding around $530 to form a double bottom pattern is monitored as a classic signal of trend change. Despite the Bank of Japan raising its policy interest rate to 0.75%, BCH maintaining its momentum reinforced opinions that the rally is driven by its dynamics.
Market attention is now focused on the $600–$625 range, with the $615 area emerging as a significant resistance level. Should a sustained break above $615 occur, analysts predict the next target to be the $640 level. Conversely, failing to breach $615 might lead to sideways trading and consolidation in the short term.
