- Bitcoin Cash’s price movement was not in sync with the top crypto assets.
- The bullish momentum behind BCH is likely to see the price climb past the $600 mark.
Over the past six weeks, Bitcoin Cash [BCH] has rallied 27.2%. In contrast, Bitcoin [BTC] lost 0.78% in the same period.
Naturally, that divergence raised eyebrows. It hinted at a disconnection between two top-tier assets—one that traders might capitalize on.
IntoTheBlock data showed that BCH had a +0.25 correlation with BTC over the past 30 days. This was indicative of only a weak positive correlation between the price moves of the two.
Even more interesting?
Bitcoin Cash had a negative correlation with many other popular altcoins, such as Ethereum [ETH] and Dogecoin [DOGE].
This was further proof that, while the altcoin market was ailing, Bitcoin Cash could serve as a safer bet.
Bitcoin Cash set to rally beyond $600 next
Source: BCH/USDT on TradingView
The weekly chart showed a range formation (white) between $272 and $624.
A compelling argument in favor of the range was how the mid-range level at $448 has been respected as both a support and a resistance over the past year.
More recently, it acted as resistance in May before flipping to support in June.
In fact, this flip came after the weekly structure saw a bullish structure break after a move beyond the previous lower high (orange) at $420.
This market structure break was accompanied by a rising OBV, indicative of steady buying volume. The RSI also climbed past neutral 50 in late April, signaling a shift in momentum towards the bulls.
The $500-$530 region could serve as a resistance. It has done so in the past, and the $500 level was also a psychological resistance.
What’s next with BCH?
BCH recently hit a local high of $530 on the 1st of July. It is likely to surpass this level soon, as the lower timeframe charts, such as 4-hour, were also bullish.
The Open Interest was rising, showing speculative conviction in BCH. Moreover, Bitcoin Cash has made a new high for the year 2025.
The next key target sits at the range high of $640. And traders can expect the momentum to drive prices higher in the coming weeks.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
