Bitcoin Cash (BCH) gains approximately 4% during Friday’s trading session, following a 3.51% increase in the previous session, amid signs of easing inflation in the US. In the derivatives market, retail investor inflows are significantly increasing as BCH open interest (OI) reaches a six-month high. Technically, the market’s focus is currently on BCH’s ability to break through the important resistance level of $600, opening up new upside potential, with short-term bullish targets around the $625 zone.
Retail investor demand fuels BCH’s upward momentum
Bitcoin Cash (BCH) surged after US November CPI data was released at 2.7% on Wednesday, and was almost unaffected by Japan’s central bank decision to raise interest rates by 0.25 percentage points to 0.75% — the highest in over 30 years. This rally reflects a clear improvement in retail investor sentiment as BCH price approaches a key technical breakout zone.
According to data from CoinGlass, open interest (OI) in BCH futures contracts increased by 18.69% within 24 hours, reaching $761.48 million. This indicates that capital is flowing back into the market amid improved risk appetite. Notably, the funding rate has turned positive at 0.0016%, up from -0.154% earlier in the day, confirming that new buying pressure is being activated and supporting BCH’s short-term bullish trend.
Open interest (OI) in BCH | Source: CoinGlass## Technical outlook: Will Bitcoin Cash price break above $600?
Bitcoin Cash (BCH) is currently trading firmly above both the 50-period and 200-period exponential moving averages (EMA) on the 4-hour chart, after completing a double bottom pattern around the $530 support zone. The bullish momentum is being reinforced as BCH approaches the R1 pivot point at $591, with expectations of a positive close above this key resistance level.
In a successful breakout scenario, the rally could extend beyond the psychological $600 mark, with the next bullish target around the R2 pivot at approximately $625. The current recovery has helped the 50 EMA and 200 EMA trend upward, preventing a death cross — a negative signal often seen in weakening trends.
BCH/USDT 4-hour chart | Source: TradingView Regarding momentum, technical indicators on the 4-hour timeframe continue to support the uptrend. The RSI remains around 64 and is gradually entering overbought territory, reflecting increasing buying pressure. Meanwhile, MACD has crossed above the signal line and remains in positive territory, with green histogram bars expanding consecutively, indicating sustained bullish momentum.
Conversely, if BCH fails to break above $600 and profit-taking pressure emerges, the price could correct back to test the nearest support zone around the 50 EMA at approximately $560.
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