With the continuous influx of whale funds, Bitcoin Cash (BCH) has recently shown strong performance. According to market data, as of press time, BCH has risen approximately 7.1% in the past 24 hours, with an intraday high of $585, making it one of the top gainers among the top 100 cryptocurrencies by market capitalization for the day. At the current price, BCH has rebounded about 28% from its November lows and has increased over 118% from its lowest point of the year.
It is worth noting that this round of rally occurred against a relatively restrained macroeconomic environment. The Bank of Japan announced a 0.25 percentage point increase in its benchmark interest rate to 0.75%, the highest in nearly 30 years, while the Federal Reserve had just cut rates earlier. Despite differing expectations for global liquidity, the overall volatility in the crypto market has been limited, but BCH led the way, demonstrating an independent market characteristic.
Several analysts pointed out that BCH’s rise is closely related to whale and large investor re-entry. Historical experience shows that whale buying often improves market structure and can boost retail investor sentiment in the short term. Meanwhile, the derivatives market has also contributed to the rally. Data from CoinGlass shows that open interest in BCH futures has increased by about 20% in the past 24 hours, reaching $766 million, while the weighted funding rate has turned negative, indicating that short positions are accumulating and there is a potential risk of short squeeze.
From a technical perspective, anonymous analyst CryptoBoss noted that BCH has broken through a descending channel that had persisted for several weeks. Such structural breakthroughs are often seen as important signals of trend reversal, usually indicating the start of a new upward phase.
On the weekly chart, BCH has been gradually forming a large double bottom reversal pattern since the high in April 2024. The bottom area is around $272, with the neckline approximately at $622.4. Currently, the price is only about 6% below the neckline. Once a volume breakout occurs and the price stabilizes above this level, the target price could reach $972, representing about 65% upside from the current level.
Additionally, BCH has re-claimed the 50-day moving average, and the super trend indicator has turned green, further strengthening the bullish technical signals. However, short-term traders should pay attention to the key support level at $541. If this level is broken, the market could weaken again.
Overall, against the backdrop of whale buying, derivatives leverage, and the long-term double bottom pattern resonance, Bitcoin Cash’s price movement is entering a critical stage. Whether BCH can confirm the pattern and initiate a larger rally still depends on subsequent trading volume and market sentiment.
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