Bitcoin Cash Surges 17% as August Gains Top 25%, Payment Card Launch Boosts Price

Bitcoin Cash's price surged by 17% on August 21, breaking above its 100-day and 200-day EMAs in a single session. The token has now gained over 25% for the month of August, making it the strongest single month since June 2023 when BCH saw a 170.9% surge.

The breakout is attributed to a combination of technical factors and real-world adoption news. Paytaca launched a self-custodial BCH payment card at the Cash 3.0 Conference in early August, providing users with a new pathway for spending Bitcoin Cash.

Traders have taken notice of the surge, with derivatives volume nearly doubling over the past 24 hours and open interest climbing by 37.83%. The bullish shift is evident in liquidations, with short sellers taking the brunt of it, losing $951.03K of the $1.36M wiped out over the past 24 hours.

The BCH price prediction remains a topic of discussion, with both bull and bear cases presented. The bullish case targets $329.24, the 200-day EMA, while the bearish case risks falling back to $223.00, the 50-day EMA.