- Bitcoin Cash surges past $644, defying bearish market sentiment.
- Bitcoin faces tough resistance at $117,000, technical indicators signal growth.
- Dormant Bitcoin wallet awakens with $116M, adding market volatility.
Bitcoin Cash (BCH) has recently surged to over $644, marking its highest level since April 2024. This impressive rally came despite the market’s heavy bearish sentiment towards BCH, as data from Santiment reveals that the token gained around 7% against Bitcoin. Curiously enough, this spurt followed when the majority of traders were skeptical about BCH’s capacity to maintain its growth. Such a contrarian shift in sentiment helped propel the token higher, demonstrating the power of fear-driven markets to fuel sharp countertrend rallies.
BCH has now taken the 16th position in terms of market capitalization, which reaffirms that, despite this common belief, fear can create much momentum in the market.Traders who seize opportunities when fear peaks often outperform those chasing greedy trends. BCH’s recent climb perfectly illustrates how sentiment washouts can serve as the fuel for upward price movement.
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Bitcoin Battles with Strong Resistance at $117,000
Meanwhile, Bitcoin (BTC) is encountering strong resistance near the $117,000 level. According to Glassnode’s heatmap, there is a significant concentration of supply around this price point, which has made it difficult for Bitcoin to push past this ceiling. At the time of writing, BTC is being traded at approximately $117,273, with a minimal daily increase of 0.82% and a weekly increase of 2.94%.
Bitcoin is not without resistance, but based on technical factors, the coin may see more rise. The MACD line also indicates a positive crossover, and RSI is at the neutral-bullish level of 61.65, which means that there is still a possibility that BTC can go up to a level without exhaustion.
1,000 BTC from 2014 Moves, Adding Market Volatility
Adding to the current market volatility, a wallet holding 1,000 BTC since 2014 has recently moved its stash for the first time in nearly a decade. These coins, which were bought when Bitcoin was priced around $840, are now valued at over $116 million.
The funds were split into three different wallets, but the owner’s identity remains unknown. As Bitcoin tests crucial resistance levels, the re-emergence of these old coins could stir significant market volatility.
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