Bitcoin Cash (BCH) is going through an interesting phase: despite contrasting signals, investors are showing increased interest in the asset.
BCH found support at $617 and is facing key resistance, a break of which could lead to significant price movement.
Investors are interested in Bitcoin Cash
The current relative strength index (RSI) of 79 is in line with levels seen during the March rally. This may indicate growing investor interest and high purchasing activity.
The 30-day market value to realized value (MVRV) ratio for Bitcoin Cash is 13%. Some analysts may view this as bearish. However, the asset has shown growth in the past at similar readings.
Despite the drop to 13%, it should be noted that BCH has achieved price gains in the past at a similar MVRV ratio. This indicates the possibility of continued investment and price growth, strengthening the overall bullish outlook for the cryptocurrency.
BCH Price Prediction: $733 within reach
With strong support at $617, a break of the next major resistance could take BCH to a three-year high at $733.
However, a loss of this key level could cause Bitcoin Cash to fall to $577 or lower.
Source: Cryptocurrency
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