Bitcoin Cash surged 17% as bulls target the $600 resistance.
BCH’s MVRV ratio at 78% shows the rally isn’t overheated.
A breakout above $591 could open a path to $650 and more
Bitcoin Cash’s (BCH) price has entered overdrive.
After weeks of steady gains, the bulls are charging toward a key level that could decide whether this rally has more fuel left.
At press time, BCH was hovering around $563.43, representing a 17.07% price increase over the last seven days. As a result, Bitcoin Cash has regained its position as a top-15 cryptocurrency.
But if this rally continues, will it break into the top 10 and reach a multi-year high?
This confirms a bullish breakout from the previous downtrend. The green line of the Supertrend indicator sits below the price, supporting this move.
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The position reinforces a buy signal, suggesting continued momentum for the cryptocurrency.
Additionally, the Money Flow Index (MFI) has recorded higher readings, indicating buying pressure.
With this setup, Bitcoin Cash appears well-positioned to breach the overhead resistance at $600. If successful, this could potentially set the stage for further gains.
However, there are growing concerns that Bitcoin Cash (BCH) may be approaching its cycle top.
Still, on-chain data from Santiment suggests this might not be the case.
Based on CCN’s analysis using the Market Value to Realized Value (MVRV) ratio, BCH currently sits at 78.01%. This level is still well below historical cycle peaks.
For context, the MVRV ratio reached 113% in December, while during the 2017 bull run, it surged to 617.11% before the market topped.
In 2021, it peaked at around 300.36%.
Although the MVRV ratio tends to halve with each four-year cycle, the current reading suggests that BCH still has room to grow before reaching a historical exhaustion point.
Whether it will revisit or surpass previous peaks remains uncertain — only time will tell.
However, some market participants have begun setting ambitious price targets.
On X, one trader projected that the Bitcoin Cash price could rise to $950. In a more optimistic scenario, he noted that it could reach as high as $1,950.
BCH Price Analysis
On the daily chart, Bitcoin Cash’s price has broken above the upper boundary of a falling trendline. This signals a potential trend reversal after a prolonged consolidation phase.
At the same time, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover, reinforcing the possibility of continued upside momentum.
If this setup holds, BCH could breach resistance at $591.76, paving the way for a move toward $650.
Should buying pressure intensify, the altcoin might extend its rally to $820, marking a strong continuation of the current breakout.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
