While the general outlook in the cryptocurrency market remains cautious, Bitcoin Cash (BCH) attracted attention with its performance in the last 24 hours. Drawing a better picture than most of the market, BCH became one of the assets that stood out in the short term with both technical breakdowns and hard liquidations. The losses experienced by investors, especially those who took bearish positions, made Bitcoin Cash price movements a subject of discussion again.
Technical Breakout and Liquidation Wave in Bitcoin Cash
Latest data shows that Bitcoin Cash price rose rapidly from the intraday level of $ 590 and surpassed the $ 600 resistance. This sudden movement caught investors off guard, especially those who opened short positions in anticipation of a decline. According to CoinGlass data, approximately $169 thousand worth of short positions were liquidated in just a four-hour period. This situation brought about a short-term upward momentum on the BCH side.
At the time of writing, Bitcoin Cash was trading at $610, while the intraday peak was recorded as $616. However, the fact that the transaction volume decreased by over 15 percent shows that the rise is not yet supported by strong demand. The fact that the Relative Strength Index (RSI) is at 56 reveals that the market is still in a neutral zone. Despite this, technical indicators point out that a new upward movement area may occur with the increase in volume.
Although some investors in the market talk about the $ 650–720 range as a target for BCH, it should not be forgotten that the price has not been able to rise above $ 626 permanently in the last 30-day performance. This requires that bullish expectations be evaluated cautiously.
The Whale Effect and the Pressure on Cardano
One of the notable developments on the Bitcoin Cash side was the wallet movement attributed to ShapeShift CEO Erik Voorhees. The reactivation of an Ethereum wallet that has been inactive for nine years and the conversion of its assets into Bitcoin Cash was interpreted as a “whale move” in the market. This development was perceived by some investors as a signal of a shift in trust from Ethereum to Bitcoin Cash.
On the other hand, the rise of BCH also has an impact on the market value ranking. Bitcoin Cash is currently only about a $510 million gap away from knocking Cardano out of the top 10 cryptocurrencies list. The fact that Cardano has lost more than 18 percent in value in the last 30 days further strengthens this possibility. The fact that Bitcoin Cash gained more than 12 percent in value in the same period closes the gap between the two projects.
Similarly, the short-term recoveries seen in projects such as Solana and Avalanche in recent days indicate that selective buying has begun in the overall market. This situation paves the way for relatively obscure projects such as Bitcoin Cash to come under the radar again.
