Key takeaways
- BCH has outperformed other major coins this week, up nearly 20%.
- The coin could hit the $500 mark heading into a historically bullish Q3.
Bitcoin Cash defies market conditions, surges 20% this week
BCH, the native coin of the Bitcoin Cash ecosystem, has been one of the best performers this week. It had outperformed Bitcoin and other major cryptocurrencies, adding nearly 20% to its value over the last seven days.
This latest development comes amid growing conflict in the Middle East. The ongoing conflict between Iran and Israel has negatively affected Bitcoin, Ether, and other major cryptocurrencies. BTC had failed to create a new all-time high after hitting the $111k level earlier this month.
However, Bitcoin Cash is benefiting from capital rotation into mid-cap cryptocurrencies. Bitcoin Cash shows signs of institutional interest due to its scaling simplicity and fast settlement times.
At press time, the price of Bitcoin Cash stands at $492, up 7% in the last 24 hours, making it the best performer among the top 20 cryptocurrencies by market cap.
BCH eyes $500 amid strong fundamentals and technicals
BCH has surpassed SUI to become the 12th-largest cryptocurrency by market cap and could soon overtake HYPE if the rally is sustained. The cryptocurrency’s price could soon surpass the $500 psychological level if the bulls remain in control.
With a historically bullish third quarter, analysts expect BCH to rally higher over the coming days and weeks.
The technical indicators are extremely bullish, and BCH could rally higher in the near term. The MCD is currently in the positive zone, indicating that the bulls are in control of the market. The relative strength index (RSI) of 68 also shows that BCH is currently overbought and could face further buying pressure.
If the bulls remain in control, BCH’s price could rally towards the next major resistance level around $615. BCH is down 88% from the all-time high price of $4,355 it reached seven years ago.
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