Bitcoin Cash’s rally faces KEY test – Can BCH hold above $500?
The post Bitcoin Cash’s rally faces KEY test – Can BCH hold above $500? appeared on BitcoinEthereumNews.com.
Over the past day, Bitcoin Cash [BCH] posted a strong performance, rising as much as 20% and reaching an intraday high of $544 at the time of writing. The move reflects a combination of rising on-chain usage and growing bullish conviction among futures traders in the BCH perpetuals market. On-chain activity signals rising network usage On-chain data points to a notable increase in network usage, highlighting renewed liquidity flows across the BCH blockchain. Over the past week, transaction activity rose sharply, indicating stronger participation from market participants. Between the 1st and 17th of February, the number of BCH transactions increased from 9,769 to 14,240. This represents an additional 4,471 transactions over the period, marking a clear rise in on-chain engagement. Source: Bitinfocharts The average transaction value over the past 24 hours stood at $8,411. This level suggests that a significant portion of recent activity may be linked to large holders, commonly referred to as whales. While direct confirmation of whale accumulation remains unavailable, the total value of BCH transferred during this period reached $119.76 million. This figure accounts for roughly 1.16% of the asset’s total market capitalization, indicating that substantial on-chain liquidity has moved. Futures market shows a strong long bias Speculative positioning in the derivatives market continues to support the ongoing rally. Futures traders have increased bullish exposure, with a majority of capital concentrated in long positions. Data from CoinGlass shows that the OI-Weighted Funding Rate has turned positive at press time. This metric measures where Open Interest (OI) is concentrated relative to funding costs and is commonly used to assess directional bias in futures markets. Source: CoinGlass A positive reading indicates that long positions dominate OI, increasing the likelihood of price continuation in that direction. Given current market momentum, this positioning reinforces upside pressure. Liquidation data further highlights…
Filed under: News - @ February 7, 2026 11:04 pm