BitcoinCash (BCH) attracted attention with its rise last week and witnessed a total increase of over 20%. BCH price gained another 14%, reaching its highest level in the last three years and exceeding $700 for the first time since 2021.
A day ago, the Bitcoin Cash network successfully conducted its second halving, initially triggering a drop in BCH price. However, it quickly continued the rally and is currently trading above $700.
On-chain data provided by Santiment shows the RSI value is currently at 79, showing a similar trend to March. While the RSI acts as an oscillator measuring the speed and magnitude of price changes, readings exceeding 70 generally indicate overbought conditions, while those below 30 indicate oversold conditions.
While the overbought RSI indicates that some caution is needed going forward, it does not predict a pullback for Bitcoin Cash. On the contrary, it underscores strong investor interest and sustained buying momentum for BCH. It also points to continued price appreciation with investors eager to invest in BCH.
The 30-day Market Cap/Realized Value (MVRV) ratio for Bitcoin Cash is currently at 13%, which could lead some analysts to interpret this as a bearish trend. However, it is important to note that BCH has historically seen price increases even at similar MVRV ratios. This indicates the possibility of continued investment and upward price movements. cryptocurrencyIt confirms a general bullish sentiment towards .
Will the Bitcoin Cash Rally Continue?
The latest price recovery for Bitcoin Cash also occurred as miners reduced selling pressure. In fact, around this halving event, Bitcoin Cash miners were seen piling up once again.
According to data from IntoTheBlock, miners had reduced their holdings to 6.15 million BCH, the lowest level in 5 years, by the end of March 28. However, recent data shows their balance increased by 40,000 coins, reaching 6.19 million BCH at the close of April 2.
The fact that Bitcoin Cash miners accumulated $242 million between March 29 and April 3 could increase investors’ optimism and push the BCH price towards $1,000 following the Halving event on April 4.
On the other hand, BCH order books on crypto exchanges confirm the bullish price prediction for the altcoin. If BCH bulls sustain this breakout above $701, they could continue the rally towards $1,000.
