Bitcoin Cash Outperforms Market, Posts 5% Daily Gain as BCH/BTC Forms Golden Cross

Bitcoin Cash (BCH) has surged over 5% in the past 24 hours, defying a sluggish broader crypto market and Bitcoin’s sideways movement. The rally has pushed BCH to levels not seen since December 2024, driven largely by heightened trading activity and bullish technical momentum.

Prices climbed from $491.25 to as high as $528 before settling around $516, according to CoinDesk data. The price spike was accompanied by a surge in volume, with more than 120,000 BCH traded in a single hour—nearly three times the daily average—signaling robust market interest.

Despite the price rally, on-chain metrics tell a more cautious story. CoinDesk’s AI research flagged a significant drop in network activity, with daily active BCH addresses recently hitting a six-year low. This “critical demand deficit” suggests that the price movement may be driven more by short-term speculation than actual network usage or long-term adoption.

AI-Powered Market Insights:

• Between June 30, 13:00 and July 1, 12:00 UTC, BCH gained 5.8%, rising from $491.25 to $519.65.
• The trading range during this window reached $37.80 (7.7%), with a peak of $527.37 recorded at 03:00 UTC on July 1.
• Resistance formed near $527, with support holding firm between $519–$520, signaling continued bullish bias.
• At 01:00 UTC, over 120,000 BCH changed hands, underscoring aggressive buyer demand.
• In the final hour of trading (11:30–12:29 UTC on July 1), BCH initially rose 0.55% before pulling back 0.71%, ending at $518.85.

Golden Cross Emerges on BCH/BTC Pair

In a significant technical development, the BCH/BTC trading pair has gained nearly 20% over the past month, reaching a six-month high of 0.0049. This rally marks a bullish golden cross on the chart—a crossover where the 50-day simple moving average (SMA) moves above the 200-day SMA.

The golden cross is considered a classic bullish signal, indicating that short-term momentum is overtaking the long-term trend. If sustained, this pattern may point to a larger trend reversal in favor of Bitcoin Cash, setting the stage for a potential multi-week or multi-month bull run against Bitcoin.