Bitcoin Cash (BCH) surged more than 20% in a single day, locally breaking above the $320 mark.
The main drivers of this rally:
๐ ETF filing: Grayscale submitted documents to convert its BCH trust into a spot ETF via CoinMarketCap.
๐ Institutional move: The CME Group exchange announced the launch of BCH futures, as reported by PR Newswire.
๐ฅ Short squeeze: The sharp jump in price triggered the forced liquidation of short positions by bearish traders, accelerating the rise.
Holding above $320 paves the way for the next target around $350โ$360 on TradingView. At the same time, on lower timeframes a local pullback may occur to retest the $300 level from above
$BCH
The main drivers of this rally:
๐ ETF filing: Grayscale submitted documents to convert its BCH trust into a spot ETF via CoinMarketCap.
๐ Institutional move: The CME Group exchange announced the launch of BCH futures, as reported by PR Newswire.
๐ฅ Short squeeze: The sharp jump in price triggered the forced liquidation of short positions by bearish traders, accelerating the rise.
Holding above $320 paves the way for the next target around $350โ$360 on TradingView. At the same time, on lower timeframes a local pullback may occur to retest the $300 level from above
$BCH
