The cryptocurrency market commenced July on a downturn, reflecting in most assets. However, Bitcoin Cash stands out amidst the overall negative trend by showing notable growth.
Overall Trends in the Crypto Market
The crypto market is experiencing a general decline. Since the beginning of the day, over $202 million in asset liquidations have been recorded. According to CoinGlass, most cryptocurrencies are trading in the red.
Growth of Bitcoin Cash and Its Reasons
Despite the overall decline, Bitcoin Cash is demonstrating positive results, increasing by 5.14% in the last 24 hours. Its value reached $516.62, marking a 12% increase for the week. Bitcoin Cash has entered a growth phase, showing two consecutive days of positive movement.
Technical Analysis of Bitcoin Cash
Bitcoin Cash has demonstrated a technical breakout that has contributed to its upward movement. The Relative Strength Index (RSI) is currently at 66, indicating strong positive momentum. Additionally, a 'golden cross' occurred on the BCH chart in June, signaling potential further price increases.
Despite the overall decline in the cryptocurrency market, Bitcoin Cash exhibits resilience and demonstrates growth driven by technical analysis and market momentum.
