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Amid the downward trend that hit altcoins in the last 24 hours, Bitcoin Cash (BCH) has defied the odds. The asset has seen a spike in volume and an appreciable increase in price outlook. CoinMarketCap data shows that BCH registered an over 32% increase within this time frame.
Institutional and retail demand for BCH drive momentum
Notably, the spike came as institutional interest in Bitcoin Cash pushed the asset’s open interest up by over 23%. There was also an increase in retail interest following the bullish performance of BCH in July. Notably, the coin outperformed Bitcoin, the leading digital asset, by 20% in July.
Bitcoin Cash’s Relative Strength Index (RSI), which is at 58.85, confirms the asset’s bullish momentum, leading to increased activity by investors. This has pushed trading volume up by 32.12% to $703.98 million.
With volume over $500 million, market participants need to keep a watchful eye on the asset as sentiments could easily shift from neutral to greed.
Bitcoin Cash has recorded a boost in price as the coin reached an intraday peak of $618.56 before witnessing a major correction. As of this writing, BCH was changing hands at $601.39, representing a 0.95% increase in the last 24 hours.
Can Bitcoin Cash hold $600 level?
The current bullish momentum of Bitcoin Cash was ignited within the week as it formed a golden cross on its hourly chart. At the time, BCH was trading at $560, but the asset has since gained over $40 to flip the $600 price level.
The price uptick has increased Bitcoin Cash’s ranking in the cryptocurrency market. It has climbed from the 15th position and now ranks 14th. The asset is on a bullish wave despite the struggling outlook of most altcoins.
However, with price trading near $600, market watchers are monitoring to see if ecosystem bulls have enough momentum to keep it from crashing below this level.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team