Bitcoin Cash could retest $550 after latest rally: Check forecast

Key takeaways

BCH rallied 15% final week, reclaiming the $600 worth within the course of.
The rally allowed Bitcoin Money to overhaul Chainlink and Hyperliquid out there cap record.

BCH is now the Eleventh largest crypto by market cap

The cryptocurrency market started the brand new week bullish, with Bitcoin, Ether, and XRP all within the inexperienced. Bitcoin is presently buying and selling above $92k, whereas Ether is now approaching the $3,200 area.

Bitcoin Money (BCH) has been among the finest performers among the many prime 20 cryptocurrencies by market cap. It added 15% to its worth within the final seven days, outperforming the broader cryptocurrency market.

The rally allowed BCH to reclaim the $600 degree after underperforming earlier this month. At press time, BCH is buying and selling at $594 and will rally greater within the close to time period. The rally additionally allowed Bitcoin Money to overhaul Chainlink (LINK) and Hyperliquid (HYPE), and it’s now the Eleventh-largest cryptocurrency by market cap. 

BCH faces resistance above $650

The BCH/USD 4-hour chart is bullish and environment friendly as Bitcoin Money has been one of the best performer among the many prime 20 cryptocurrencies by market cap within the final seven days. The coin has outperformed Bitcoin, Ether, XRP, and different main altcoins.

The momentum indicators are bullish, suggesting that the consumers are presently accountable for the market. The Relative Energy Index of 59 is above the impartial 50, suggesting that the market circumstances are flipping bullish. The MACD traces additionally flipped into the bullish zone final week, flashing a purchase sign for the merchants.

If the rally continues, BCH may rally in the direction of the following main resistance degree at $650, its highest degree for the reason that begin of the yr. The following main resistance stands at $720, its 2024 excessive.

Nonetheless, if the restoration fails, Bitcoin Money may retest the $550 Inducement Liquidity (ILQ) over the following few hours or days.