Bitcoin Cash Rallies Over 5%, Reaches Highest Levels Since December as BCH/BTC Forms Bullish Golden Cross
Bitcoin Cash (BCH) has climbed more than 5% in the past 24 hours, outperforming a quiet broader crypto market and leaving Bitcoin trading flat. The surge lifted BCH prices to their highest levels since December 2024, driven by increased trading volumes and positive technical signals.
BCH prices advanced from $491.25 to a peak of $528 before settling near $516, according to CoinDesk figures. The rally was marked by a dramatic surge in trading activity, with over 120,000 BCH changing hands in a single hour — nearly triple the average daily volume — signaling strong interest from traders.
However, blockchain data paints a mixed picture. Analysis from CoinDesk’s AI research flagged a significant drop in network usage, with daily active addresses on the Bitcoin Cash network falling to a six-year low. This suggests that the recent price gains might stem more from speculative trading than genuine increases in user adoption.
Key AI Market Data Insights:
- Between June 30 at 13:00 UTC and July 1 at 12:00 UTC, BCH rose 5.8%, moving from $491.25 to $519.65.
- The price swing over that period reached $37.80 (7.7%), with a high of $527.37 seen at 03:00 UTC on July 1.
- Resistance was noted near $527, while firm support held around the $519–$520 range, indicating sustained bullish sentiment.
- A significant spike in trading occurred at 01:00 UTC, when over 120,000 BCH was traded.
- In the final trading hour (11:30–12:29 UTC on July 1), BCH initially gained 0.55% before slipping 0.71%, finishing the session at $518.85.
BCH/BTC Pairing Shows Bullish Signal
On the technical front, the BCH/BTC pair has surged nearly 20% in the last month, hitting a six-month high at 0.0049. This rally has produced a golden cross on the chart — a bullish pattern that happens when the 50-day simple moving average (SMA) crosses above the 200-day SMA.
This pattern is widely seen as a signal of growing positive momentum and the possibility of a significant upward move. If momentum holds, Bitcoin Cash could be set for a longer-term rally relative to Bitcoin, potentially extending over several weeks or months.
