- The price of Bitcoin Cash has risen by more than 10% in the past seven days.
- Short traders in the coin futures market continued to experience liquidations.
Bitcoin Cash’s [BCH] Its price has risen almost 15% in the past week, making it a crypto asset with some of the most gains in the past seven days.
#BitcoinCash (+13%), #Chain link (+15%), #Maker (+13%), and #THORChain (+14%) are notables who saw a double-digit increase in market capitalization during a positive week #crypto. We see accumulation of great magnitude $BTC & $USDT portfolios, suggesting this rally could continue into October. pic.twitter.com/SyeZENdoZv
— Santiment (@santimentfeed) September 30, 2023
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At the time of writing, the altcoin was trading at $234.78, according to data from CoinMarketCap.
Bulls run the market
As seen on the daily chart, BCH started a new bull cycle on September 12 when the MACD line crossed above the trend line.
When an asset’s MACD line crosses above the trend line, it is considered a bullish signal. It suggests that price momentum is shifting from bearish to bullish and the asset’s value is likely to continue rising.
Since September 12, the price of BCH has increased by 28%.
As the price of BCH rose, so did accumulation among spot traders. At the time of writing, the K-line (blue) of the coin’s Stochastic RSI indicator was set at 89.14%, indicating that the volume of BCH accumulation was exceeding its distribution.
The stochastic RSI indicator measures momentum and identifies overbought and oversold conditions in the market. At 89.14%, BCH was slightly overbought at the time of writing.
Furthermore, the coin’s Chaikin Money Flow (CMF), which measures the net amount of money flowing into or out of a security over a given period, was 0.08.
Above the midline, at the time of writing, the BCH market was provided with the liquidity needed for the price to rise. A CMF value above 0 indicates that more money is flowing into an asset than is flowing out.
As for the Aroon indicator, the upline (blue) was 85.71%. This indicator measures the trend strength and potential trend reversal points in the price movement of a crypto asset.
When an asset’s Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
Source: BCH/USDT on TradingView
How much are 1,10,100 BCHs worth today?
BCH shorters are intensifying their efforts
As the price of the alt has risen in recent weeks, the futures markets have seen a rise in negative funding rates. This suggested that bearish sentiments persisted in the BCH market. Moreover, short sellers were willing to pay a premium to keep their positions open.
However, now that the price is in an uptrend, several short positions have been liquidated in recent days.
Source: Coinglass
