My people, brace yourselves because Bitcoin Cash just jumped 27.7%, leaving all of us with our mouths open ๐๐!
The reason behind this move is nothing short of big: CME Group dropped the bombshell that it plans to launch regulated BCH futures next October 19 ๐ ๐ผ. What does this mean in plain terms? That major capital players and institutions will be able to get into the game in a fully regulated way, without needing to have the asset stored in a wallet. Pure institutional fire! ๐ฅ
This news lit up the engines of the entire market in a brutal way. Just to give you an idea, spot trading volume jumped an impressive 285.6%, reaching $1,380 million ๐ธ. But whatโs more interestingโand where we need to keep our antennas upโis in the derivatives world: volume there grew 300.1%, touching $2,350 million, and open interest rose by almost 39%, surpassing $588 million ๐. This makes it crystal clear that old positions arenโt being closedโ the band is opening brand-new bets because it smells opportunity! ๐ก
Now then, where are we standing technically speaking? My people, the structure changed completely on the weekly chart ๐โก๏ธ๐. We broke that bad bearish streak by strongly crossing the key level of $309.2 (which in technical map terms we call CHoCH), taking off from the $200 zone to touch $340.6 and getting stopped right at the resistance of $346.9 ๐.
If the bulls manage to break through that resistance at 346.9, the path gets completely clear and the target is set on the coveted $480 ๐ฏ. In addition, indicators like the RSI are healthy at 54, and the MACD is flexing in positive territory above its signal line.
But hold onโ๐๏ธ not everything is sunshine and rainbows. Leverage came with risk: we already saw total liquidations of more than $420 thousand, where the most hit were the friends who went too long and over-leveraged (nearly $288 thousand burned there) โ ๏ธ. If the price canโt get through the $346.9 resistance, we could see a healthy pullback to test $309.2 before trying to take off again.
The big question all of this leaves us with is: do you think this institutional push will take us straight to $480 before October 19, or are we in for a tough correction along the way? Iโll read you in the comments, my people! ๐๐ญ$BCH
