Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- BCH outperformed BTC in Q2 2023.
- Whales drove price action en masse.
Crypto Markets Closed Q2 2023 on the Green. Bitcoin [BTC] reached a new high of $31.4k and consolidated dominance up to 50%, the first in more than two years, to limit altcoin shine. But PEPE And Bitcoin cash [BCH] recorded great performance.
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In particular, BCH outperformed BTC, rising more than 200% in 10 days, from $105 to over $300.
BTC posted about 19% gains over the same period. PEPE and BCH’s remarkable performance at the time of writing made them part of the top three of the “Hot Trending” list on CoinMarketCap.
Can bulls maintain traction?
Source: BCH/USDT on TradingView
The RSI (Relative Strength Index) has been in the overbought zone since June 21 – more than 10 days. It indicates strong buying pressure in the same period. Similarly, the CMF (Chaikin Money Flow) rose above zero, highlighting massive capital inflows for BCH.
So the bulls had the leverage to move forward. The next critical hurdle is at the March 2022 high of $391. But before that, BCH bulls need to clear the 78.6% Fib level ($327) and $348 roadblocks to further their advance.
Conversely, any hiccups at 78.6% Fib level ($327) can set a probable retracement at $273/$276. Bulls are expected to defend these levels to protect recent gains and try to break the recent high at 78.6 Clear % Fib Level.
How are things in the futures market?
Source: Coinalyse
On the 4-hour chart, CVD (Cumulative Volume Delta) rose at the end of June, indicating increased demand over the same period. However, the metric eased, meaning the rally cooled and short sellers entered the market.
Unfortunately approx $8.7 million value of short positions have been devastated in the past 24 hours as of going to press.
Read Bitcoin Cashs [BCH] Price prediction 2023-24
On the other hand, about $7.2 million in long positions were liquidated during the same period. This underscores a long-term bullish bias and could expose short sellers to a bear trap.
Santiment shows that BCH’s recent price action coincided with strong interest in whales as of June 20. Whales were noticeably no-show from June 12, but slipped through from June 20, bringing BCH to a new high in 2023.
Source: Sentiment