Bitcoin Cash (BCH) demonstrated resilience this Wednesday, trading at $473** after finding support near a critical level despite escalating geopolitical tensions. Derivatives and on-chain data reinforce the bullish narrative, with rising open interest (OI) and spot buyer Cumulative Volume Delta (CVD) signaling increased dominance by buyers. Technical analysis suggests further upside, targeting **$500+.
Key Market Drivers for Bitcoin Cash (BCH)
1. Rising Spot Buyer Demand
CryptoQuant data reveals mounting buy-side pressure for BCH.
- The 90-day CVD turned positive in early May and continues to climb, reaching levels last seen in February.
- A positive/rising CVD indicates buyer dominance, while a negative/declining CVD reflects seller control.
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2. Surging Derivatives Activity
Open Interest (OI) for BCH futures hit $485.24 million** (June 18), up from **$312.62 million on June 13—the highest since mid-April.
- Increased OI signals new capital inflows and fresh long positions, potentially fueling price gains.
- Funding Rates: Turned positive this Monday, rising to 0.0058% by Wednesday, indicating bullish sentiment (longs paying shorts).
Bitcoin Cash Price Prediction: Technical Outlook
Bullish Scenario
- Immediate Target: $500.6 (January 17 high).
- Extended Rally: A daily close above $500.6 could propel BCH toward **$542.50** (next resistance).
Indicators:
- RSI: At 66 and trending upward, suggesting strong momentum without being overbought.
- MACD: Bullish crossover confirmed; rising green histogram bars above neutral line.
Bearish Scenario
- Risk Trigger: A daily close below $459.20 (support level).
- Downside Target: $409.20 (50-day EMA).
Frequently Asked Questions (FAQs)
Q1: Why is Bitcoin Cash (BCH) price rising?
A: Growing spot demand (positive CVD) and derivatives activity (higher OI/funding rates) reflect increased investor confidence.
Q2: What’s the next key resistance for BCH?
A: $500.6**, followed by **$542.50 if bullish momentum sustains.
Q3: Could geopolitical tensions impact BCH’s rally?
A: While macro risks exist, BCH’s technicals and on-chain metrics currently outweigh short-term volatility.
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Conclusion
Bitcoin Cash exhibits strong bullish signals, backed by spot accumulation and derivatives momentum. Traders should monitor the $459.20–$500.6 range for breakout opportunities, with a potential runway to $542.50. Always practice risk management in volatile markets.
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