- Bitcoin Cash price is up over 30%, undeterred by SEC’s decision to invalidate ETF filings.
- While Bitcoin price provoked the BCH rally on June 20, the king of crypto has been unable to keep up.
- Experts say the BCH rally has more to do with EDX Markets listing than its position as a Bitcoin fork.
Bitcoin Cash (BCH) price continues north for the tenth consecutive day, forging higher and featuring among the weekly top gainers. Its northbound move began around June 20, fueled by the Bitcoin (BTC) price surge, when the Exchange Traded Fund (ETF) narrative sparked a rally across the industry. BCH is a less famous token, having emerged as a fork from the original BTC.
Also Read: Bitcoin Cash, Litecoin, and Ethereum Classic reap gains from Bitcoin rally
Bitcoin Cash still northbound despite BTC breather
Bitcoin Cash (BCH) price has outperformed Bitcoin (BTC) for the last ten days, rising over 200% since June 20 and 30% over the last 24 hours. Meanwhile, Bitcoin is up 15% in the last month and down 0.2% in the last 24 hours. This is despite the former, BCH, being a spin-off of the latter, BTC.
BCH/USDT 1-Day Chart, BTC/USDT 1-Day Chart
Notably, Bitcoin Cash has ignored the bearish development caused by the US Securities and Exchange Commission (SEC) raising concerns over the status of ETF applications by institutional financial players, citing inadequacy and a failure to satisfy the standards meant to prevent fraud and market manipulation.
While Bitcoin price pulled back after the news broke, Bitcoin Cash continued north, fortifying its position as the highest weekly gainer on cryptocurrencies’ top 300 list. The altcoin also outperformed its peer, Litecoin (LTC), another Bitcoin fork up 40% since June 20, and up 28% over the last 24 hours.
Other than both tokens being spin-offs from the king of crypto, another common denominator between BCH and LTC is that they are both listed on EDX Markets, the Citadel-backed crypto exchange founded by giant players on Wall Street like Charles Schwab and Fidelity Digital Assets.
Accordingly, experts believe that the listing on the newly established cryptocurrency exchange is the primary driving force behind the current Bitcoin Cash rally.
1/2: Bitcoin Cash $BCH is experiencing a notable price surge catalysed by its listing on @markets_edx, a US-regulated, self-custodial crypto exchange. Interestingly, its volume & return profiles spike during Asia trading sessions, regardless of recent US-specific news. pic.twitter.com/B222jt7zES
— CCData (@CCData_io) June 30, 2023
Were it not so, then both BCH and LTC might have also succumbed to the SEC jab against the crypto sector in the latest development. More importantly, their recent surge would not have been as explosive as indicated in the daily charts below. The listing of the four coins, BTC, ETH, LTC, and BCH, came as the SEC labeled them commodities, thus reducing the chances of legal challenges in the future.
In an interview with CoinDesk, EDX Markets CEO Jamil Nazarali underscored that the four assets were not securities, hence the decision to list them.
Bitcoin Cash, assessing the possibility of a continued rally
Bitcoin Cash (BCH) price is $306.7, after correcting from an intra-day high of $329.0. Several technical indicators suggest that bulls are in control. For starters, the Parabolic SAR is tracking Bitcoin Cash price from below, which is a bullish sign. Secondly, the Awesome Oscillators (AO) histograms and Moving Average Convergence Divergence (MACD) indicators are in the positive zone, adding credence to the bullish thesis.
BCH/USDT 1-Day Chart
The Relative Strength Index (RSI) position above 70 is concerning, but it would only become threatening upon a decisive cross below the 70 mark. This is based on Welles Wilder’s assertions as the inventor of the RSI. Based on his guidelines for interpreting the indicator, it must exit overbought for a confirmed sell signal. This means that while the RSI is still overbought, the BCH market could still go higher.
Nevertheless, long holders are advised to keep their buying appetite in check.
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