Bitcoin Cash has recently caught the attention of crypto investors, surging past $500, while failing to secure this key resistance. As one of the earliest Bitcoin forks, BCH has often remained in the shadows of its parent chain, but recent market activity suggests the bulls have gained huge interest in the BCH price rally.
Why Bitcoin Cash Price is Rising
One of the biggest reasons behind the BCH price spike is a massive increase in trading volume. Over the past few days, BCH has experienced a five-fold surge in hourly trading activity, indicating a strong inflow of capital, especially from institutional players. Open interest on futures contracts has climbed to a six-month high, while overall volume exceeded $627 million, the highest in three months.
After remaining within a tight consolidation, the BCH price seems to be approaching the end of the consolidation. The weekly RSI is rising and is about to reach the upper threshold, which suggests the bulls have a tight grip over the rally. Moreover, the Ichimoku has undergone a bullish crossover while the clouds are preparing for a bullish reversal. Hence, with a continued bullish approach, the BCH price may even break above the decisive symmetrical triangle.
Wrapping it Up- Will BCH Price Reach $1000?
Bitcoin Cash is no longer flying under the radar! With rising global tensions and ongoing uncertainty, many investors seem to be looking toward non-sovereign digital assets as potential hedges. While Bitcoin is the go-to for most, Bitcoin Cash is now being seen as an undervalued alternative. Besides, the token has gained enough attention across social media and other search platforms, which may help to scale up the BCH price to a 4-digit figure in the coming days.
