• Bitcoin Cash (BCH) price has experienced a parabolic increase over the past few days, rising by more than 150% from its lowest point in May.
• This rally is being supported by several key factors, including Bitcoin ETF applications and the announcement of EDX Markets, a new Fidelity, Schwab, and Citadel-backed crypto exchange.
• The current BCH to BTC ratio stands at 131, which indicates that 1 Bitcoin is worth about 131 BCHs.
Bitcoin Cash Price Skyrockets
The Bitcoin Cash (BCH) price has recently gone on an impressive run, surging by more than 150% from its lowest level in May. This rally has been driven by a number of factors including the proposed launch of Bitcoin ETFs and the announcement of EDX Markets – a new crypto exchange backed by Fidelity, Schwab and Citadel. As a result, the current BCH to BTC ratio stands at 131.
Factors Driving BCH Rally
A number of key factors are driving this surge in the price of BCH. One major factor is the filing of numerous Bitcoin ETF applications – most notably from companies such as Blackrock, WisdomTree and Invesco – which could lead to institutional investors allocating funds towards it if accepted. Additionally, EDX Markets – a new crypto exchange backed by Fidelity, Schwab and Citadel – announced that it would be offering four cryptocurrencies for trading; among these was Bitcoin Cash (BCH). Finally, due to its lower price compared to Bitcoin itself (currently standing at 131), many investors are turning to BCH as an attractive investment opportunity.
Technical Analysis
Looking at the 4H chart for BCH/USD we can see that it has broken through an important resistance point at $124 – its highest point since May 9th last year. Furthermore, there appears to be strong support around this area with no visible signs of reversal indicating that this trend may continue in the short term.
Outlook for BCH Price
Given the current market conditions and technical analysis for BCH/USD it looks likely that this bullish trend will continue over the coming weeks or months. However it’s important to note that any sudden changes in market sentiment or news events could cause a swift change in direction so investors should always remain vigilant when investing in cryptocurrency markets
