Bitcoin Cash rises by 10%, spurred by new demand
- Bitcoin Cash’s price rallied by over 10% in the past seven days.
- Short traders in the coin’s futures market continued to experience liquidations.
Bitcoin Cash’s [BCH] price climbed by almost 15% in the last week, making it a crypto asset with some of the most gains in the past seven days.
? #BitcoinCash (+13%), #Chainlink (+15%), #Maker (+13%), and #THORChain (+14%) are notables that saw double digit market cap rises during a positive week for #crypto. We are seeing accumulation from big $BTC & $USDT wallets, indicating this rally can continue into October. pic.twitter.com/SyeZEndoZv
— Santiment (@santimentfeed) September 30, 2023
Is your portfolio green? Check out the BCH Profit Calculator
At press time, the altcoin traded at $234.78, according to data from CoinMarketCap.
Bulls run the market
As observed on its daily chart, BCH initiated a new bull cycle on 12 September when its MACD line crossed above the trend line.
When an asset’s MACD line crosses above the trend line, it is regarded as a bullish signal. It suggests that price momentum is shifting from bearish to bullish and that the asset’s value will likely continue to rise.
Since 12 September, BCH’s price has been pushed up by 28%.
As BCH’s price grew, accumulation among spot traders increased as well. At press time, the K line (blue) of the coin’s Stochastic RSI indicator was pegged at 89.14%, suggesting that the volume of BCH accumulation exceeded distribution.
The Stochastic RSI indicator measures momentum and identifies overbought and oversold conditions in the market. At 89.14%, BCH was slightly overbought at press time.
Further, the coin’s Chaikin Money Flow (CMF), which measures the net amount of money flowing into or out of a security over a period of time, was 0.08.
Above the center line at the time of writing, the BCH market was being provided with the liquidity necessary to keep the price rising. A CMF value above 0 indicates that there is more money flowing into an asset than out of it.
Regarding its Aroon indicator, the up-line (blue) was 85.71%. This indicator measures trend strength and potential trend reversal points in a crypto asset’s price movement.
When an asset’s Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
How much are 1,10,100 BCHs worth today?
BCH shorters intensify efforts
While the alt’s price has climbed in the past few weeks, the futures markets have seen an increase in negative funding rates. This suggested that bearish sentiments remained in the BCH market. Moreover, short-sellers were willing to pay a premium to keep their positions open.
However, with the price in an uptrend, several short positions saw liquidation in the past few days.