Cryptonews BCH, BITCOIN, BITCOIN CASH, BTC, CRYPTOCURRENCY, ICHIMOKU, MARKET ANALYSIS, MARKET TRENDS, TRADING VOLUME Dante Raeburn June 17, 2025 0 Comments

Bitcoin Cash (BCH) Hits Multi-Week Highs Riding Bitcoin’s Momentum

Bitcoin Cash (BCH) has gained 3% in the past 24 hours, reflecting a multi-week rally driven by Bitcoin’s momentum. Trading currently at $476.28, BCH is poised for potential gains as it approaches a critical resistance level at $490.89, while key support exists in the form of the Ichimoku Cloud. The market remains optimistic, although profit-taking could disrupt this bullish trend.

Bitcoin Cash (BCH) is currently enjoying a notable surge, being the top gainer in the market with a 3% increase over the past 24 hours. This rise not only underscores its multi-week rally but also reflects a growing interest among investors, as the altcoin now trades above crucial resistance levels. Analysts suggest that BCH’s price may continue to gain ground in the near future, supported by this upward trend.

The rally of BCH is closely tied to Bitcoin’s (BTC) efforts to reclaim its all-time high of $111,968. On Monday, Bitcoin made headlines by briefly trading above $108,000, which has sparked renewed bullish sentiment across the cryptocurrency landscape, lifting altcoins like BCH in the process. As of now, BCH is trading at $476.28, marking a continuation of its systematic upward trajectory that started on April 7, characterized by the formation of successive higher highs and lower lows.

Market indicators suggest that BCH is in a strong bullish phase, as it is currently trading above both Leading Spans A and B of the Ichimoku Cloud. These indicators point to dynamic support levels situated at $435.65 and $413.30, which may keep BCH buoyant. The Ichimoku Cloud serves to reveal market trends and possible support and resistance levels—being situated above it represents a robust bullish trend for BCH, suggesting that investor sentiment remains positive.

Adding to the positive outlook for BCH is its favorable funding rate, currently standing at 0.0006%. This figure illustrates a preference for long positions among futures market participants. For context, the funding rate functionally allows long and short traders in perpetual futures contracts to maintain alignment with the spot price, and when positive, it demonstrates that bullish sentiment is prevailing among traders.

At the moment, BCH sits just below a significant resistance level at $490.89. Should demand escalate, BCH might surpass this long-standing barrier and convert it into a support line. A successful breakout above this threshold could potentially propel the coin towards $556.60, a price not seen since December. However, should profit-taking occur, this optimistic scenario could falter, dragging the altcoin back to $444.74. If that level does not hold, BCH could see its price retreat further down to the Ichimoku Cloud’s Leading Span A support at $435.65.

In summary, Bitcoin Cash is capitalizing on positive market momentum, largely driven by Bitcoin’s recent performance. With strong indicators reflecting bullish sentiment and a potential resistance level at $490.89, many believe BCH could break higher. Yet, the risk of profit-taking looms, which could push the price lower. Therefore, investors are keenly observing this developing situation as the market dynamics fluctuate.

Original Source: beincrypto.com