- Bitcoin Cash jumps past $523 with 6.86% daily gain; bullish indicators and demand surge continue.
- Shorts wiped out with $1.23M in liquidations, open interest spikes, eyes now on $550–$580.
Bitcoin Cash (BCH) has reached its highest price in eight months, climbing to $523 after a 75% increase over the last 90 days. The coin gained 6.86% in the past 24 hours alone, reflecting renewed interest and optimism among market participants. This latest spike positions BCH as one of the top-performing digital assets in the crypto market.
Much of the price momentum appears linked to speculation around a possible interest rate cut by the U.S. Federal Reserve later in July. Investors are betting that a change in monetary policy could further support risk assets, including cryptocurrencies.
The recent move has also coincided with a sharp uptick in key technical indicators. BCH’s BBTrend now reads 9.37, signaling growing bullish pressure. On the daily chart, green histogram bars tied to BBTrend have continued to expand, which typically points to increased investor demand and rising prices.
Derivatives Data Backs Bitcoin Cash Uptrend
Data from Coinglass confirms that Bitcoin Cash is seeing rising speculative interest. Open interest in BCH derivatives surged by 27.40%, bringing the total to $578.37 million. This shows that more capital is being committed to positions in BCH, mostly expecting further price movement.
In the past 24 hours, $1.41 million in positions were liquidated. Notably, $1.23 million of that total came from short positions. These liquidations often result from rapid price increases that force bearish traders to exit losing bets, contributing to upward price momentum. Long positions accounted for just $180,140 in liquidations, showing that traders betting on a fall were hit hardest.
Supporting this is a positive funding rate of 0.0081%. In this case, long traders are paying short traders, indicating a market skewed toward upward price expectations. On-balance volume (OBV) has climbed to 4.87 million, matching the trend in price and showing sustained demand.
Analyst Sees Bull Flag With $1,800–$4,000 Long-Term Target
One analyst, Crypto Patel, pointed to a “massive bull flag” forming on the weekly chart, a pattern often followed by aggressive upward breakouts. He sees $550–$580 as a key resistance range that will decide whether BCH keeps climbing or pulls back.
While the analyst suggested a possible short-term dip to $250–$210, he believes that holding above $640 would set the stage for a potential rally to $1,800–$4,000 during the next major uptrend.
On-chain wallet activity offers further support for the bullish case. IntoTheBlock’s IOMAP metric shows that many buyers previously picked up BCH between $478.31 and $508.11. This range now serves as strong support. Resistance appears in the $524.67–$604.14 area, where holders are still waiting to break even.
Since the number of profitable addresses near current levels is higher than those in the resistance zone, the odds favor further upside if buying demand holds steady. A break beyond $525 could open the way to test the top of the resistance range.
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