Bitcoin Cash has traded higher in the past 24 hours as the altcoin’s price mirrors the upside movement witnessed in the Bitcoin market.
Bitcoin 2024 conference adds to bullish sentiment
As BTC changes hands around $68,201 on July 27, the price of BCH hovers near $383.
The altcoin’s value had increased about 2.3% in 24 hours. The cryptocurrency was showing signs of recovery to the $400 level as Bitcoin 2024 sentiment suggested BTC could break to the $70,000 mark or higher amid huge anticipation.
MicroStrategy’s Michael Saylor, independent US presidential candidate Robert F. Kennedy Jr. and a host of other speakers expressed bullish predictions for Bitcoin at the conference in Nashville. Republican nominee, former US president Donald Trump will also speak at the conference later Saturday.
BTC, BCH navigating Mt. Gox repayments
The positive sentiment around Bitcoin comes as the flagship cryptocurrency looks to have weathered the early downside pressure related to the Mt. Gox payments.
According to CryptoQuant CEO Ki Young Ju, over 350,000 BTC have recently left exchanges as whales accumulate Bitcoin. The spot Bitcoin ETF market has also seen significant net inflows in the past month.
Meanwhile, the defunct crypto exchange’s repayments have so far not had the level of negative impact some investors may have feared after the initial announcement.
This week, Kraken announced it had completed its distribution of the BTC and BCH assets from Mt. Gox to creditors. Meanwhile, crypto exchange Bitstamp notified its customers that all Bitcoin and Bitcoin Cash from the Mt. Gox distribution was now fully accessible after the exchange completed a formal verification exercise.
Despite these developments, BTC and BCH prices have remained above the key levels of $60k and $300. For Bitcoin Cash bulls, this includes a bounce to highs of $404 on July 22.
Ki noted in a post on X that the BTC price is currently higher than when Mt. Gox began to distribute creditor assets.
BCH price forecast
Bitcoin Cash trends with a bullish outlook on the 4-hour chart.
BCH price on the 4-hour chart. Source: TradingView
The Relative Strength Index (RSI) on the chart shows strength for buyers, and the Moving Average Convergence Divergence (MACD) indicator also suggests an upside perspective.
A breakout above the supply wall around $400 could allow the BCH/USD pair to target the $500 area and potentially year-to-date highs near $700 if bulls continue higher.
On the flip side, the primary support zone may be in the $370-$350 range, while further below, July lows of $297 offer another buffer zone.
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