Bitcoin Cash (BCH) price has surged by 31.42% in the last 24 hours to $385.17. It is one of the top biggest gainers in the crypto market today, with a 91% rise in trading volume to $970.5 million. The market cap also rose 31.43% to hit $7.64 billion, according to CoinMarketCap.
What is the reason behind this surge? Well, the overall market just recovered from a recent sell-off where it spent the month of February in the red. Bitcoin (BTC) and Ethereum (ETH) both saw a 5% pump today, which means investors are starting to feel confident again.
But Bitcoin Cash has outpaced them, making it a top performer. Analysts say the pump is because the price broke out of a falling wedge pattern, a chart formation that usually signals a trend reversal.
The move also pushed it above its 50-day moving average, which is seen as a positive sign for further gains.
“If the momentum continues, BCH could target its next major resistance at the 200-day moving average (200MA),” the analysts noted.
Moreover, the MACD indicator also suggests that the buying pressure is increasing. This means more traders are jumping in, betting that BCH will keep climbing.
The crypto market’s recovery might be influenced by U.S. Commerce Secretary Howard Lutnick’s statement that President Donald Trump could ease 25% tariffs on Canada and Mexico. Investors took this as a bullish sign, shifting money into riskier assets like Bitcoin and altcoins.
Despite the rally, Bitcoin ETFs continue to see large withdrawals. According to data from Farside Investor, investors pulled out $143 million from Bitcoin ETFs on Tuesday, adding to the $217 million withdrawn earlier in the week. But this hasn’t stopped Bitcoin and altcoins from rising.
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