BCH Price Rally Ignites Short Squeeze and Eyes $450 Target
Bitcoin Cash has been experiencing a significant price rally, pushing through key resistance levels and forcing bearish traders to close leveraged positions by buying back the token. This short squeeze has likely accelerated the rally after an initial catalyst from CME futures.
The imbalance in liquidations was pronounced, with nearly three-quarters of the $2.06 million in total liquidations on September 23 coming from traders betting against BCH. In the latest four-hour period, roughly $1.58 million in shorts were liquidated.
As a result, Bitcoin Cash's price is now eyeing another 20% pump toward $450, where its next major Fibonacci resistance sits. The token has rebounded sharply from its long-term accumulation zone of $175-$200, an area that has repeatedly attracted buyers since 2020.