Following the news of Grayscale’s successful outcome against the SEC, the crypto markets experienced a swift surge, and among the notable beneficiaries, Bitcoin Cash stood out due to its heightened exposure. Within the same timeframe, Bitcoin Cash recorded a 13% increase, reaching a value of $216. This performance placed it among the top gainers within the 100 largest crypto tokens by market capitalization. The notable coefficient of 0.8 indicates a strong correlation in price movements between BCH and BTC. An intriguing observation is that the Open Interest in Bitcoin Cash rose in the wake of Grayscale’s legal victory. This surge in Open Interest implies an influx of funds into Bitcoin Cash contracts.
At the time of writing, BCH was trading at $213.5
BCH after making the low of $90.3 witnessed a massive rally and the prices surged almost by 264% and made a high of $329 within 20 trading sessions. The asset resisted at the higher levels and failed to give a daily closing above $300 and the prices corrected and dropped to $165. Post this move, BCH started to consolidate and was trading in a range from $200 to $180. The asset was taking good support at its 200-day moving average. The asset finally gave a breakout above the psychological level of $200 and rallied up to $228. BCH has a strong resistance zone from $250 to $260. Once this resistance is broken then we may expect the prices to further rally up to the $300 mark. $200 and $180 will act as a strong support for the asset.
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