Bitcoin Cash Price Holds Steady Near $560
Bitcoin Cash (BCH) price is steady around $560 as of Thursday. It is close to a key resistance level at $565.1. On-chain data shows a neutral outlook. But futures market signals suggest growing optimism among traders. A daily close above $565.1 could confirm a new upward trend for BCH soon.
Futures Market Shows Bullish Signs for BCH
Data from CryptoQuant points to a mildly bullish outlook for BCH. The spot market stays neutral, but whale activity in the futures market is rising. This often hints at a possible rally.
- Coinglass data shows the funding rate is positive at 0.0007% on Thursday.
- A positive funding rate means long traders pay shorts, signaling bullish sentiment.
- Historically, when funding rates turn positive, BCH tends to rally sharply.
- The long-to-short ratio on Coinglass is 1.14, near a one-month high.
- A ratio above one indicates more traders expect BCH’s price to rise.
Price Forecast: BCH Could Rally Above $565.1
BCH has faced resistance near the 78.6% Fibonacci retracement level at $565.1 since Monday. This level is calculated from the April low of $249.4 to the September high of $651. The 50-day Exponential Moving Average (EMA) offers support at $542.3.
Currently, BCH trades just above the $565.1 resistance. A daily close above this level may extend the rally toward the September 18 high of $651.
Technical indicators support this view:
- The Relative Strength Index (RSI) is 59, showing growing bullish momentum.
- The Moving Average Convergence Divergence (MACD) gave a buy signal last week.
- Rising green histogram bars on the MACD suggest an upward trend.
If BCH corrects instead, it may drop back toward the 50-day EMA at $542.3.
