Key takeaways
- Bitcoin Cash is the top performer among the 20 largest cryptocurrencies by market capitalization.
- The coin could reach $600 soon if the broader crypto market continues its recovery.
BCH hits $550 as market shows signs of recovery
BCH, the native coin of the Bitcoin Cash blockchain, has been the best performer among the top 20 cryptocurrencies by market cap over the past 24 hours. The coin gained about 5% in the last day, breaking above $550 and is currently trading around $567 per coin.
This positive performance comes as the broader cryptocurrency market has clawed back some losses following Monday’s sell-off. Bitcoin is trading again above $110,000 after dipping toward the $107,000 area over the weekend.
Ether, the second-largest cryptocurrency by market cap, also climbed above $4,400 after testing a Monday low of $4,250. Bitcoin Cash may continue to rise in the coming hours as market momentum gradually returns.
BCH targets a peak of $608
The 4-hour BCH/USD chart looks constructive following Bitcoin Cash’s strong performance in recent weeks. Higher-timeframe sentiment remains positive despite the recent market-wide sell-off.
An RSI reading around 63 indicates BCH could be moving toward overbought territory if the trend persists. MACD lines also sit in positive territory, suggesting momentum indicators favor upside.
If the recovery continues, BCH could push toward last week’s high near $608 within the next several hours. A sustained rally would open the path for BCH to reclaim the August peak around $633.
That said, market conditions remain volatile, and Bitcoin Cash could face a correction. In such a scenario, BCH might retest the weekend low near $521 before potentially sliding toward $490 — a level not seen since July.
Still, BCH currently ranks among the strongest coins within the top 20. It stands to gain further if the market maintains its upward momentum.