Bitcoin Money (BCH) rose greater than 14% in 24 hours to commerce above $450, the best stage since mid-June.
BCH gained as Bitcoin (BTC) hit $70,000 after a 3% achieve in 24 hours. The benchmark digital asset was buying and selling round $69,503 on the time of writing on July 29, barely off its intraday highs above $69,800 reached throughout Asian buying and selling hours.
BCH Worth: Are Bitcoin Money Bulls Again?
Bitcoin Money, like Bitcoin, has been via some tough terrain over the previous few weeks by way of promoting stress associated to potential sale of Mt. Gox.
Nonetheless, Bitcoin stays above $60,000 with a big portion of the staggering $9 billion in BTC that the defunct crypto change introduced will go to clients. This resilience has additionally been seen in Bitcoin Money, which continues to assist the constructive sentiment of Mt. Gox choose to hodl than to promote.
Crypto can be bullish after final week's Bitcoin 2024 convention the place former US President Donald Trump made a significant assertion concerning Bitcoin and cryptocurrencies. With the election on the horizon, Trump has pledged, amongst different issues, to make America the house of cryptocurrencies and to create a bitcoin reserve for the US.
Based on Kim Dotcom, he’s not afraid that the US authorities will ban cryptocurrencies.
Crypto goes to pump huge time. The worry of the US authorities banning cryptocurrencies is over. Legitimacy has been established. The whales lobbied all political camps and succeeded. Because the US greenback weakens, crypto will rise. My favourite is Bitcoin Money. https://t.co/DIOiBCxaVJ
— Kim Dotcom (@KimDotcom) July 27, 2024
BCH value prediction
The worth of Bitcoin Money surged above $400 and the cryptocurrency examined a key resistance zone.
A transfer above this worth means the bulls have damaged above a sturdy horizontal resistance line. The worth is at present retesting the earlier assist space above which the altcoin may make a brand new yearly excessive.
On this case, the psychological stage at $1,000 would be the important short-term goal, whereas a run to the bull market highs in 2021 stays attainable if Bitcoin leads the crypto into one other mega run.
BCH value chart. Supply: TradingView
The day by day chart reveals that the Relative Energy Index (RSI) is supporting patrons, as is the MACD (Shifting Common Convergence Divergence) indicator.
BCH will doubtlessly see a retest of the horizontal line earlier than a rebound. Nonetheless, a breakdown is prone to push costs to the first assist space round $350.
