Bitcoin
BCH has tripled more than $516 in 24 hours, from $491.25 to $516 and more than $516 in the trade volume at some point as more than 120,000 BCHs changed hands. According to Coindesk data, the price reached a high of $528 at one point, reaching the level it last saw on December 18th.
Although mass gatherings are said to be sustainable, they are not supported by improving on-chain foundations. According to Coindesk’s AI Research, the basics of the Bitcoin Cash Network have recently hit a six-year low on daily active addresses. With each on-chain data, the network is experiencing a “severe demand deficit.” Recent price actions suggest that they are inferred by speculation rather than actual network use or adoption.
Important AI Insights
- In the final 24 hours, from 13:00 on June 30th to 12:00 on July 1st, BCH rose from $491.25 to $519.65, representing a 5.8% profit, showing a major bullish trend.
- The price range during this period was $37.80 (7.7%), with BCH peaking at $527.37 at 03:00 on July 1st with exceptional volume support.
- The main resistance formed around $527 in multiple tests, but support was established between $519 and $520, suggesting continued bullish momentum despite the minor pullback.
- Over 120,000 BCH has changed its hands to 01:00. This shows that it half-doubles the average volume for an average of 24 hours, indicating strong buyer interest.
- In the final 60 minutes from 11:30am to 12:29pm on July 1, BCH experienced significant volatility, initially rising from 0.55% to $519.67 to $522.55 to $522.55, then fell 0.71% to $518.85.
BCH/BTC chokes out golden cross
According to the data source TradingView, Bitcoin Cash Bitcoin (BCH/BTC) pair registered with BCH to BTC price ratio tracking BCH to BTC price ratio rose nearly 20% in four weeks, reaching a six-month height of 0.0049.
BCH’s outperformance is gathering momentum as evidenced by a bullish golden crossover with a 50-day simple moving average (SMA) crossing beyond the 200-day SMA.
This pattern indicates that short-term momentum is currently outweighing the broader trends and could evolve into a critical bull market.
Daily Charts for BCH/BTC. (tradingView/coindesk)
