Bitcoin Cash [BCH] built on the bullish momentum in the market, as the coin surged to a price valuation of $162.06. The coin witnessed a significant growth rate of 7.61% over the last 24 hours, against the US dollar. The market capitalization, at press time, was $2.86 billion, and the trading volume recorded over the last 24 hours was around $475 million.
Huobi Global exchange handled the highest amount of trade for the coin and contributed to 6.59% of the collective trading volume, via the trading pair BCH/USDT.
The 1-hour chart for the token witnessed a massive bull run, as the token underwent multiple uptrends. One of the uptrends extended from $133.9 to $157.20 and was followed by a price hike which stretched the valuation from $155.70 to $163.40. The resistance line, at press time, was marked at $163.60.
The Bollinger Bands indicator suggested a volatile period for the coin as the lines were diverging from each other.
The Relative Strength Index or RSI indicated that the selling and buying pressures evened each other out in the market.
The MACD line demonstrated a bullish run for the coin as the blue line hovered over the red line. However, the MACD line and signal line remained in close proximity, indicating a probable change in trend.
The 1-day chart witnessed a recovery of losses for the token since the valuation went down significantly at the end of last year. The downtrend was from $194.70 to $120.50, but the token recovered after an uptrend from $120.20 to 153.10.
The Parabolic SAR indicated a bullish run as the dotted markers were found under the candlesticks.
The MACD line indicator remained bullish as the blue line was found over the red line in the chart.
The Fisher Transform followed suit, with the indicator giving the upper hand to the bull.
At press time, BCH had consolidated its price valuation in the market, and was set to continue on with its bullish momentum. The long term chart indicated a steady price hike for the coin, as the short term chart remained fairly bullish as well.
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Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
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