Bitcoin Cash price has seen a strong uptrend, climbing to $595.30 with a 4.53% gain in 24 hours, while maintaining a 6.99% surge over the past week. This move lifted its market cap by 4.57% to $11.86 billion and 24-hour trading volume by an impressive 45.4% to $641.2 million. BCH price is now hovering between a 24-hour low of $560.23 and a peak of $599.40, with possibilities for further gains.
Why is BCH’s Price Up Today?
The latest rally comes from Tether’s decision to withdraw its plans to phase out USDT support on Bitcoin Cash SLP tokens. Instead of freezing contracts, Tether will now maintain compatibility, which marketers viewed as a vote of confidence in BCH’s utility as a payment-focused blockchain. This eased concerns about liquidity disruption, triggering speculative buying.
Adding fuel to the rally, as per IntoTheBlock, whales have stacked 66,000 BCH, which tallies to $39.4M on August 31. This is the biggest single-day inflow in two months. Meanwhile, derivatives open interest rose 2.8% to $978 billion sector-wide, meaning that institutional players are positioning for further upside.
Bitcoin Cash Price Analysis
BCH price has broken above the $572 resistance level. On the 4-hour chart, the price is holding near $595, just below its immediate resistance at $606.9. A confirmed close above this zone could open the path to $664 in the coming time.
The 42% spike in Bitcoin Cash’s intraday trades confirms strong buying pressure, while RSI at 75 signals overbought conditions. The 50-SMA near $558 and support at $551.2 will be the key levels to watch if the price cools.
That being said, overall, BCH remains technically bullish, with whale accumulation and renewed USDT utility backing the move. It is worth noting that the next few sessions will determine if the BCH price can sustain its breakout and test higher Fibonacci levels.
FAQs
BCH shows strong bullish pace and support by the whales, however, short-term pullbacks are possible.
The immediate resistance lies at $607, with a potential upside target near $664. Support sits at $558 and $551.
Tether reversed plans to drop USDT on BCH SLP, and whales accumulated $39M in BCH, driving demand.
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