Bitcoin Cash ($BCH) Shows Strong Resilience Amid Geopolitical Tensions, Bulls Eye Further Gains!
Despite rising tensions between Iran and Israel affecting broader markets, Bitcoin Cash ($BCH) bulls have demonstrated remarkable resilience and strength, with the cryptocurrency trading nearly 4% higher so far this week. This robust performance is backed by compelling on-chain data.
According to CryptoQuant, buying pressure on Bitcoin Cash has significantly increased, as evidenced by a positive and rising Taker CVD (Cumulative Volume Delta) for BCH. This key indicator, which measures the cumulative difference between market buy and sell volumes over a three-month period, has reached levels not seen since February. A positive and increasing 90-day CVD typically signals a "Taker Buy Dominant Phase," indicating strong market demand.
The price action mirrors this sentiment. BCH successfully retested the 50-day Exponential Moving Average (EMA) at $409.2 on Friday, then rallied nearly 10% until Monday, closing above its daily resistance at $459.2. On Tuesday, $BCH retested and consolidated around this level, and at the time of writing on Wednesday, it's trading higher by nearly 2.5% at $473.5. This consistent upward momentum suggests that Bitcoin Cash is well-positioned for potential further gains.
