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Bitcoin Money [BCH] has turned out to be among the best cryptocurrencies that one might have purchased through the weekend.
Final week’s crash triggered a sell-off throughout the crypto spectrum. Many of the high cryptocurrencies have struggled to recuperate because of fears of extra draw back.
Nevertheless, BCH has already bounced again by greater than 20%.
The token climbed as excessive as $139 within the final 24 hours at press time. This peak represents a roughly 23% upside from its weekly low of $111.
Supply: TradingView
Bitcoin Money’s sturdy bounce again from final week’s lows means that it attracted heavy accumulation.
Whale exercise metrics confirmed that there was certainly a big wave of shopping for exercise.
The whale transaction rely metrics registered a rise in whale exercise, particularly from 22 August.
This was across the identical time that the worth launched into extra upside after the prolonged draw back on 19 August.
Supply: Santiment
The elevated whale exercise was additionally backed by a considerable improve within the variety of each day lively addresses. Virtually as if retail consumers have been responding to the whale accumulation.
The metrics collectively affirm that BCH managed to command wholesome demand that culminated in a noteworthy rally.
There was sufficient shopping for quantity to set off a bullish cascade as traders sought the subsequent greatest alternative after final week’s crash.
Furthermore, the 30-day MVRV ratio confirmed that there was robust accumulation after 19 August.
In consequence, it registered an uptick, confirming notable profitability for individuals who purchased the latest backside.
Supply: Santiment
Potential causes for BCH’s rally
Simply final week, Canadian laws enforced a $30k CAD purchase ceiling on non-ETH cryptocurrencies. Bitcoin Money was among the many 4 cryptocurrencies exempted from the rule.
I reside in Canada and might now solely purchase $30k CAD in non $ETH crypto. However hey I can purchase Bitcoin Money? pic.twitter.com/3eQOtv2HNt
— joshuad.eth (🍄,🍄) (@mynt_josh) August 18, 2022
The regulatory requirement could have shifted demand in favor of BCH. Nevertheless, this isn’t essentially the case contemplating that Litecoin, Bitcoin, and ETH didn’t get pleasure from an analogous upside.
Properly, BCH’s value motion within the final two months would possibly present a clearer reply.
Bitcoin Money hit its 2022 backside in direction of mid-June, not like many of the high cryptocurrencies which bottomed out in mid-June.
Its value motion since then seems to be forming an ascending value channel, as has been the case with most of its counterparts within the final two months.
If this seems to be the case, then the most recent bounce again is the second help retest. Therefore, the pattern continues to be robust. If that’s the case, then we must always see a resistance retest close to the $169 value stage.
