From the start of the Bitcoin conference through the weekend and into Monday, Bitcoin Cash price increased significantly. The recent conference, at which presidential contenders Donald Trump and Robert F. Kennedy Jr. gave enormous assurances to the Bitcoin and cryptocurrency communities, is probably the reason for the gains.
Why Is BCH Moving Higher?
The recently concluded Bitcoin conference increased the value of Bitcoin and BCH, breaking significant price limitations over the weekend. At the final close of business on July 26, the U.S. Bitcoin Spot ETF had a net gain of $56 million, according to SoSo Value, an on-chain research platform. After six months of trading, the ETF has more than $17 billion.
The fact that Bitstamp approved the BCH and BTC that Mt. Gox had deposited for creditors' access might have contributed to the resurgence of interest in the cryptocurrency asset.
Furthermore, there have only been three days of gross negative inflow this month, and the daily gross inflow has stayed positive.
The bitcoin price has risen above the resistance level of $68,000 and is moving closer to its all-time high. If the markets remain bullish, the BCH might surpass this level in the coming days.
Trump's Speech Boosted Crypto Bulls?
Trump's pledge to establish the United States as a global leader in cryptocurrency, coupled with his plans to shift the federal government's Bitcoin of 212,000, valued at approximately $15 billion, to the U.S. Treasury, has increased investor trust and supported the continuous price recuperation of Bitcoin Cash.
The Federal Reserve's likelihood of lowering its standard interest rate by 25 basis points is increasing, further increasing market optimism for Bitcoin Cash and other leading cryptocurrencies.
For example, the anticipated rate change for a 25 basis point September rate reduction was 89.60% on July 31, up from 57.90% one month prior.
Bitcoin Cash Price Prediction Technical Analysis
In the daily chart of BCHUSD, the recent price trades are bullish as the ongoing market pressure is stable above the 200-day Simple Moving Average. However, there is a bearish crossover in dynamic lines, which might create a limit to the ongoing selling pressure.
In the volume structure, the high trading volume level since April 2024 is above the current BCH price, suggesting a push is needed to form a bullish continuation.
Based on this outlook, the conservative upward continuation needs a stable market above the 476.78 high volume line, which extends the price at the 674.40 resistance level. As the current price hovers above the neckline of the Inverse Head & Shoulders, a minor downside correction is possible. In that case, a bullish price action from the 400.00 to 347.39 area could be an additional bullish signal.
On the other hand, an immediate buying pressure with a bearish reversal from the 470.00 to 530.00 area is possible. In that case, a bearish daily close below the 50-day EMA could lower the price towards the 219.17 support line.
