Analysis

Bitcoin Cash Grows Over %200 In Just 2 Weeks, $200 Is It Possible?

Key Points:

Bitcoin Cash’s open interest grew significantly during the Bitcoin boom.
EDX Markets, a cryptocurrency exchange sponsored by major financial institutions, accepting BCH sparked its recent run.
The BCH rate remains optimistic, hovering around $180 after reaching $194, and buyers should keep an eye on the $150 price zone for potential buying opportunities.

When the Bitcoin boom persisted, it was discovered that open interest in Bitcoin Cash (BCH) grew dramatically.

Since BlackRock filed to start a spot Bitcoin exchange-traded fund (ETF), the industry has surged, and that optimism has not waned today, owing partly to experts pointing out what a catalyst it might be if BlackRock wins clearance from the United States Securities and Exchange Commission (SEC).

Bitcoin Cash also maintained its spectacular run, which was started earlier this week by news that the crypto exchange EDX Markets, a cryptocurrency exchange sponsored by Wall Street firms, had gone online and was now accepting Bitcoin Cash as one of its cryptocurrencies. EDX is funded by Charles Schwab, Fidelity, and Citadel, indicating yet another entry into the digital asset area by major financial institutions. Just four cryptocurrencies were listed on EDX: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Despite today’s big increase, the BCH rate remains optimistic on a local time frame. At the moment, it reached $194 and quickly retraced to $180.

If looking for a potential buying opportunity, buyers should keep an eye on the $150 price zone, as this is the resistance, it just broke through quickly.

BCH price chart. Source: TradingView

Bulls seem to need more time to collect energy for future expansion since the majority of currencies have started a corrective phase. BCH is no exception, now perhaps what we should do is wait for a correction to enter. Not except for the scenario that Bitcoin is at a price that excites investors and continues to increase, perhaps BCH will reach the $200 price zone in the near future without any price retest.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.