Bitcoin Cash (BCH) Sees 15% Surge as Bitcoin (BTC) Rally Extends above $66,000

Bitcoin Cash (BCH) is among the altcoins that recorded substantial gains following Bitcoin's price rally above $66,000 on Oct. 14.

Bitcoin Cash (BCH) price surged higher on Monday after Bitcoin price rallied past a key resistance level. As Bitcoin price rose with over $555 million in fresh spot ETF inflows, BCH followed suit with a double-digit price涨幅.

Bitcoin Cash price began the month with a low of $307 on October 3. However, BCH price edged higher on Monday, clocking in a 15% gain for the day as Bitcoin price surged on October 14.

BCH price hit a high of $370 on Coinbase, with bulls defending a daily close above $369 to post the substantial 15% gain for the session. As BCH price surged, short liquidations reached $1 million, according to data from Coinglass.

Moreover, open interest also surged 26% to reach more than $236 million. BCH price also saw some gains on Tuesday morning, reaching a high of $386 as Bitcoin price hovered above $66,000, but some of the gains were pared back with profit-taking across the market.

As portfolios hit new highs, investors might be looking to lock in profits, including for BCH. Nevertheless, the current momentum could see bulls targeting $400 and higher if they can defend the horizontal resistance around $370.

With a breakthrough above $500, bulls could target YTD highs around $720, holding above the support trendline and maintaining price levels above the horizontal resistance.

Bitcoin Cash hit an all-time high of $3,785 on December 20, 2017.

‘Uptober and US election’ sentiment bullish

Some bullish catalysts include increased speculation on Donald Trump winning the upcoming US election, central bank monetary policy, and demand from new investors eager not to miss the next bull run. This “Uptober” sentiment has analysts predicting that Bitcoin could surpass its all-time high in the coming months.

According to analysts at QCP Capital in a Telegram broadcast, during previous election cycles, Bitcoin tended to rally ahead of voting day, followed by a significant upward push in the subsequent two to three months.

“In 2020, BTC was stuck in a boring range for half a year and only started rallying from $11,000 just three weeks before US Election Day, reaching a high of $42,000 by January,” said QCP.

The recent inflows of over $555 million into spot Bitcoin ETFs, coinciding with Bitcoin’s price rise, were highlighted by Singapore-based digital asset trading platform and market maker QCP in its latest insights on October 15.

This outlook suggests that Bitcoin Cash has potential for further gains.

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