BCH Blasts Through Resistance in 32% Single-Session Surge
Bitcoin Cash (BCH) experienced a significant price surge of 32% in a single session, reaching as high as $362.60 before settling around $350. This dramatic move blasted through its 200-day moving average and pushed the cryptocurrency deep into overbought territory.
The next 72 hours are crucial for BCH's price action, with the immediate resistance at $386.90 being the next real hurdle. The Bollinger Band picture is alarming, with a %B reading of 1.19 indicating that price has blown through the upper band by a significant margin.
The derivatives data shows that short sellers were systematically wiped out as price spiked, and open interest collapsed by 58.42% over the past 24 hours. This mass liquidation event confirms that the bulk of the move was short-covering fuel rather than fresh long conviction.