BCH (Bitcoin Cash) rose 4.02% in the last 24 hours.

Gate News Bot report, July 1, according to CoinMarketCap data, BCH (Bitcoin Cash) is currently priced at 520.41 USD, rising 4.02% in the last 24 hours, with a high of 522.04 USD and a low of 449.65 USD. The 24-hour volume reached 545 million USD. The current market capitalization is approximately 10.351 billion USD, an increase of 400 million USD compared to yesterday.

Bitcoin Cash is a peer-to-peer electronic cash system designed to provide better currency for the world. BCH features no overdrafts, no borders, no refunds, and funds cannot be frozen. Users can choose wallets, trade on exchanges, and view transaction information through a block explorer. Developers can participate in ecosystem construction using development tools and running full nodes.

Important news about BCH recently:

1️⃣ Breakthrough the psychological barrier of 500 USD, strong rise momentum The price of BCH has shown a strong rise recently, breaking through the psychological barrier of 500 dollars. The current trading price is above the 50-day and 200-day moving averages, forming a clear gap that reflects positive market sentiment. The Relative Strength Index (RSI) is at 61, indicating that the bullish momentum remains strong but is not yet overbought, suggesting there is still room for further rise.

2️⃣ On-chain data shows there is still potential for rise According to the market capitalization and actual market value ( MVRV ) indicator, the current ratio of BCH is 0.665, which is lower than the historical level of 0.729 that led to profit taking. This indicates that there is still room for BCH to rise before investors start to take profits on a large scale. If it breaks through 0.729, it may even reach the peak level of 1.01 from last December.

3️⃣ Bullish sentiment in the derivatives market strengthens Open interest ( OI ) rose by 7.85% in 24 hours, reaching $471.99 million, indicating a continuous influx of funds into the derivatives market. At the same time, the weighted financing rate turned positive at 0.0014%, further confirming the market’s bullish sentiment. These data reflect traders’ optimistic outlook on the price trend of BCH.

From a technical perspective, BCH is currently in an upward channel pattern. If it can break through the upper trend line, it is expected to further rise to the 78.6% Fibonacci retracement level of $556. The moving average convergence/divergence ( MACD ) indicator shows that bullish momentum is recovering, supporting the possibility of continued upward movement in the short term.

This message does not constitute investment advice, and investors should be aware of market volatility risks.