Bitcoin Cash's Great Comeback! Soaring 30% in just 24 hours, can this surge continue?
Bitcoin Cash (BCH) bulls are making a strong effort, with a 30% increase in the last 24 hours, becoming one of the most performing cryptocurrencies recently! Although it has been overshadowed by other mainstream coins, it has risen more than 20% this year, showing a strong market recovery momentum.
📉 BCH price fluctuates and rebounds, strongly breaking through the descending resistance
Since December of last year, Bitcoin Cash has shown a downward trend, but after reaching a support level at the end of February, demand has continued to grow. By early March, the price rebounded by 44% and successfully broke through a three-month descending resistance line, indicating a possible trend reversal.
📈 Frenzied participation in derivatives and spot markets
The rise of BCH cannot be separated from the surge in the derivatives market, with trading volume increasing nearly 94% in the past 24 hours and open interest soaring by 84%. Meanwhile, the demand in the spot market turned positive at the end of February and has continued to recover. Whale activity has also begun to increase significantly, especially in early March when whale inflows surged to 153,380 BCH, injecting strong capital into the market.
💥 Shorts face significant losses, BCH sees massive liquidation
Although BCH experienced a brief pullback when testing the resistance line on March 3, the confidence of short sellers has been severely impacted. The liquidation amount for short positions reached $3.12 million, of which $2.66 million came from short positions, indicating that shorts are facing significant loss pressure.
🔥 Can Bitcoin Cash continue its bullish trend?
Currently, BCH is facing a crucial market test; will this rebound be sustained? Shorts have already suffered heavy losses; will investors continue to push prices higher? The upcoming market developments are especially important, particularly with key events on the horizon that may determine the future trend of BCH!
