Key takeaways
- BCH rallied 15% last week, reclaiming the $600 price in the process.
- The rally allowed Bitcoin Cash to overtake Chainlink and Hyperliquid in the market cap list.
BCH is now the 11th largest crypto by market cap
The cryptocurrency market began the new week bullish, with Bitcoin, Ether, and XRP all in the green. Bitcoin is currently trading above $92k, while Ether is now approaching the $3,200 region.
Bitcoin Cash (BCH) has been one of the best performers among the top 20 cryptocurrencies by market cap. It added 15% to its value in the last seven days, outperforming the broader cryptocurrency market.
The rally allowed BCH to reclaim the $600 level after underperforming earlier this month. At press time, BCH is trading at $594 and could rally higher in the near term. The rally also allowed Bitcoin Cash to overtake Chainlink (LINK) and Hyperliquid (HYPE), and it is now the 11th-largest cryptocurrency by market cap.
BCH faces resistance above $650
The BCH/USD 4-hour chart is bullish and efficient as Bitcoin Cash has been the best performer among the top 20 cryptocurrencies by market cap in the last seven days. The coin has outperformed Bitcoin, Ether, XRP, and other major altcoins.
The momentum indicators are bullish, suggesting that the buyers are currently in control of the market. The Relative Strength Index of 59 is above the neutral 50, suggesting that the market conditions are flipping bullish. The MACD lines also flipped into the bullish zone last week, flashing a buy signal for the traders.
If the rally continues, BCH could rally towards the next major resistance level at $650, its highest level since the start of the year. The next major resistance stands at $720, its 2024 high.
However, if the recovery fails, Bitcoin Cash could retest the $550 Inducement Liquidity (ILQ) over the next few hours or days.
