bitcoincash

Bitcoin Cash (BCH) has delivered an impressive short-term breakout, gaining nearly 20% within the past 24 hours. The price surged to an intraday high of $544 before undergoing a mild pullback, stabilizing around $524 at the time of writing.
This sharp move reflects a combination of reviving on-chain activity and increasingly bullish sentiment in the BCH futures market, strengthening optimism around the asset’s short-term trend. However, despite the strong momentum, several structural risks remain, raising questions about whether the $500 psychological support can continue to hold.
On-Chain Activity Signals a Revival in Network Usage
Recent on-chain data suggests a noticeable resurgence in Bitcoin Cash network utilization, indicating that liquidity is flowing back into the ecosystem.
Over the past week alone, transaction activity has expanded significantly. Between February 1 and February 17, the number of BCH transactions climbed from 9,769 to 14,240, representing an increase of 4,471 transactions in a relatively short period. This growth points to renewed engagement across the network, potentially driven by both retail participation and larger market players.
Notably, the average transaction value over the last 24 hours stands at approximately $8,411, implying that a portion of this activity may be attributed to high-net-worth investors, often referred to as “whales.” While there is no direct confirmation of aggressive accumulation, the total value transferred on-chain reached $119.76 million, equivalent to roughly 1.16% of BCH’s total market capitalization.
Such a level of value circulation highlights meaningful on-chain liquidity, reinforcing the narrative that Bitcoin Cash is experiencing a renewed phase of network relevance—at least in the short term.
Futures Market Shows Strong Long Bias
Speculative capital in the derivatives market continues to favor the upside. Sentiment among BCH futures traders remains decisively bullish, with a clear dominance of Long positions.
According to data from CoinGlass, the funding rate has flipped into positive territory, a signal that Long traders are willing to pay a premium to maintain their positions. This metric is commonly used to gauge the balance of leverage between Longs and Shorts, and sustained positive funding typically reflects confidence in further price appreciation.
The liquidation landscape further supports this outlook. Over the same period:
Long liquidations totaled approximately $102,340
Short liquidations surged to nearly $1.5 million
This nearly 10x disparity suggests that bearish traders have been caught offside, with forced Short closures adding fuel to BCH’s upward momentum. As long as this imbalance persists, the futures market structure continues to tilt in favor of the bulls.
Declining Hashrate Raises Network Security Concerns
Despite the encouraging signals from on-chain metrics and derivatives positioning, Bitcoin Cash’s declining hashrate remains a notable risk factor.
Hashrate represents the total computational power securing a proof-of-work network. A sustained drop often indicates that mining activity is becoming less profitable or that operational pressures are mounting for miners.
A weakening hashrate can:
Reduce short-term network security
Increase sensitivity to price fluctuations
Undermine broader market confidence if the trend persists
At this stage, the decline may be temporary, especially if price strength improves miner profitability. However, if BCH price action weakens further, miners could be forced to sell part of their holdings to cover operational costs, potentially adding supply pressure to the market.
Spot Market Selling Adds Near-Term Resistance
Additional caution comes from the spot market, where selling activity has begun to increase. Data shows that spot sell volume reached approximately $1.1 million over the past 24 hours, introducing a counterweight to the bullish derivatives flow.
If this selling pressure intensifies, BCH’s upside potential could become constrained, even as futures traders continue to position for higher prices. In such a scenario, the $500 level becomes a critical zone, acting as both a psychological and structural support area.
Outlook: Momentum vs. Structural Risks
Bitcoin Cash is currently navigating a delicate balance. On one hand, rising on-chain activity and bullish futures positioning suggest that market participants are regaining confidence. On the other hand, declining hashrate and growing spot selling pressure introduce risks that cannot be ignored.
As long as bullish momentum remains intact, BCH may continue to defend the $500 level. However, a sustained breakdown in network fundamentals or accelerating spot outflows could challenge the durability of the current rally.
Disclaimer:
This article is for informational purposes only and reflects personal market observations. It does not constitute financial or investment advice. Readers should conduct their own research and assume full responsibility for any investment decisions made.
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Цена: 528.9 USDT (+5.76% сейчас)
За сутки рост с 496.3 до 542.8 - пробитие ключевых уровней!
📊 Техническая картина:
Сопротивление: 542.8 (дневной максимум, теперь новая цель)
Поддержка: 496.3 (сильное дно)
RSI(6) = 70.1 - сильный импульс, близко к перекупленности.
Цена пробила EMA(21) и EMA(50). Объёмы значительные - 50.8 млн USDT. BCH показывает лучшую динамику среди крупных монет.
💬 BCH наконец-то проснулся? Это начало настоящего ралли или локальный pump перед коррекцией?
$BCH
#BCH #BitcoinCash #bitcoin #MarketRally #crypto