The cryptocurrency market is generally trading in the red during early Tuesday's session, which represents the first day of July, with over 202 million dollars worth of cryptocurrencies being liquidated.
However, despite the decline, some coins, including Bitcoin Cash, stand out in green, as traders make moves, perhaps driven by the need to feel something on an otherwise dull market day.
#بيتكوين_كاش , the original fork of Bitcoin, is gaining momentum while most cryptocurrencies are trading in the red, having risen by 5.14% in the last 24 hours to $516.62 and 12% weekly.
Bitcoin Cash recorded $BCH
Two consecutive days in the green since June 28, with today expected to be the third. The rise surpassed $500, reaching an intraday high of $528, marking a new annual high for the Bitcoin fork.
Two Reasons
Bitcoin Cash has achieved a technical breakout, accelerating its upward trend while also benefiting from the overall market momentum.
$BCH has been steadily rising since April, as the rise broke through the daily moving averages of 50 and 200 at $435 and $395 respectively, which had limited its price movement this year. The rise continued, surpassing the barrier range of $480 to $500.
The Relative Strength Index, or RSI, is currently at 66, indicating strong positive momentum without becoming overbought. This signal suggests that buyers are in control, but there is still room for more gains before reaching the overbought territory above 70, where profit-taking occurs more frequently.
A "golden crossover" occurred, which is a positive technical analysis signal indicating a potential upward trend in the asset's price, on the daily chart for $BCH in June. This happens when the short-term moving average (MA), usually the SMA 50, crosses above the long-term moving average (usually the SMA 200). This pattern indicates that buying pressure is building up, which could lead to sustained increases. #REX-OSPREYSolanaETF #DYMBinanceHODL #OneBigBeautifulBill #StrategyBTCPurchase