BCH reaches an 8-month peak – Will there be continued growth in July?

Bitcoin Cash (BCH) is leading the upward trend of the crypto market today. This altcoin has surged 5.6% in the past 24 hours, reaching a high of $526.7 as of the time of writing.

With technical indicators signaling positively, the price of BCH seems ready to extend its rise in the short term.

Bull BCH control

The data from the BBTrend indicator of BCH shows that the upward momentum is strengthening, as this indicator is currently at 9.4. Therefore, it is highly likely that the price will continue to rise in the short term.

BBTrend BCH Chart | Source: TradingViewOn the daily chart, the green histogram bars of BBTrend have continuously expanded over the past few days – a clear indication that buying pressure is increasing along with investment demand for BCH.

The BBTrend indicator measures the strength and direction of a trend based on the expansion and contraction of Bollinger Bands.

When this indicator shows increasingly larger green histogram bars over several consecutive sessions, it indicates that the upward trend is being reinforced.

For BCH, this model indicates that the buyers are gaining control, volatility is increasing in an upward direction, and the price is likely to continue rising higher.

In addition, the Smart Money Index (SMI) also supports a bullish outlook. At the time of writing, the indicator is at 85.1, up over 220% since June 5.

SMI chart of BCH | Source: TradingViewThe SMI index tracks the activities of experienced investors or institutions by analyzing market behavior during the first and last hours of trading. When the SMI declines, it implies selling activity or decreased confidence from this group of investors — reflecting pessimistic sentiment or expectations of price decreases.

On the contrary, when the SMI indicator rises, it indicates that key investors are increasing their buying activity, reflecting a growing level of confidence in the asset. Therefore, the steady increase of the SMI over the past few weeks suggests strong buying pressure that is supporting the current rise of this coin.

BCH is leading towards greater heights as buying pressure increases

BCH may continue to rise higher in the coming days, thanks to increased demand driving buying pressure. If the accumulation trend continues, this coin could extend its upward momentum and move towards the $556.4 mark.

However, if demand weakens and profit-taking activity occurs, the price of BCH risks dropping to the 490.8 dollar range.

BCH Price Analysis | Source: TradingViewIf this support level is broken, BCH may continue to slide deeper towards the $444.7 area.

Minh Anh