BCH Price Holds Steady During Market Slide — What Next for Bitcoin Cash?
Bitcoin Cash holds firm amid market sell-off, with a key liquidity zone at $603 potentially triggering more upside.
Bitcoin Cash has defied the broader crypto market downturn of the past 24 hours to record a modest 3% gain.
The move marks a continuation of BCH’s recent rally, which began on August 3. Trading at $590.30 at press time, the altcoin’s price has since soared 14% and is poised to keep increasing.
BCH Defies Bears; Key Liquidity Zone Could Unlock Fresh Upside
An assessment of BCH’s liquidation heatmap has revealed a concentration of liquidity at the $603 price zone.
BCH Liquidation Heatmap. Source:
A liquidation heatmap tracks clusters of leveraged positions in the market and highlights where large amounts of open interest could be triggered into buying or selling if the price reaches those levels. These areas of high liquidity are often color-coded to show intensity, with brighter zones representing larger liquidation potential.
When liquidity is concentrated above an asset’s current price, it indicates a potential “magnet” effect, where traders push the price upward to trigger liquidations and unlock that liquidity.
For BCH, the $603 zone could act as such a target, fueling further upside if bullish momentum persists.
Further, BCH’s climbing Relative Strength Index (RSI), which stands at 59.54 at press time, confirms this bullish outlook.
BCH RSI. Source:
The RSI measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and could be due for a price correction, while values under 30 indicate that the asset is oversold and may be primed for a rebound.
At 59.54 and rising, BCH’s RSI reflects strengthening bullish momentum. If it remains below the overbought threshold of 70, a sustained RSI uptrend with improving market sentiment would allow BCH’s price to see further upside.
Bitcoin Cash Poised for Breakout
Sustained buy-side pressure could push BCH’s price above the psychological $600 mark. If the altcoin establishes strong support near this price level, it could extend its rally toward $602.20.
BCH Price Analysis. Source:
However, if profit-taking resumes, BCH eyes a decline to $556.40.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Anthropic’s performance is “good but not good enough”: under “adjusted profitability,” revenue growth sharply brakes!
Anthropic's third-quarter revenue reached $16.8 billion, an increase of nearly 50% quarter-over-quarter, and achieved "adjusted profitability"—but the market remains unconvinced. The main concern lies in monthly growth slowing sharply from 33% to single digits, leaving a gap of several billion dollars short of the year-end $100 billion target. Token prices have hit historic lows, with the disconnect between volume and price becoming increasingly prominent. Whether this "good but not good enough" performance can support a $2 trillion IPO valuation remains uncertain.
CoreWeave Drops 15%, AI Computing Power Business Faces Financing Test
CoreWeave bonds have fallen below 80% of face value, with yields surpassing 15% and a default probability exceeding 50% within five years. The company’s CEO attempted to reassure the market by citing an order backlog of over $100 billion, but analysts pointed out that orders do not equate to cash: “If borrowing costs are 9% but project returns are only 5%, the larger the scale, the greater the value destruction.” AI infrastructure-related stocks such as Oracle have also seen significant declines, with concerns spreading across the entire high-yield bond market. Musk sighed: "Oh dear!"
XRP, Chainlink and Zcash hover at key support levels as volume dries up
Berkshire increases investment by $330 million, this "APP Renovation Factory" sees its stock price soar over 40% in a single day
Berkshire Hathaway has made an additional $330 million investment in Bending Spoons, increasing its stake to 4%. This news sent Bending Spoons’ stock soaring over 41% in a single day. The transaction marks the latest major capital deployment under new CEO Greg Abel. Bending Spoons specializes in acquiring "outdated apps" and uses AI to restructure cost structures and business models to generate cash flow.
Crypto prices
More
