Why Bitcoin Cash Could Soon Test $500

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Bitcoin Cash rises after news that a country was about to make it legal tender.

Bitcoin Cash is now up more than 30% this week and the momentum is building.

With it making higher lows, Bitcoin Cash could soon test higher prices.

While most cryptocurrencies have been in an uptrend for the past 24 hours, Bitcoin Cash BCH/USD is one of those that outperform the market. Bitcoin Cash price action has a lot to do with the news that the legal tender was made by Sint Maarten, a country that is part of the wider Kingdom of the Netherlands. This is a big problem as it contributes to the fact that the number of BCH adoption has grown quite steadily over the past year.

It is also a factor that could rekindle interest in Bitcoin Cash. BCH is one of a group of major cryptos that were hot in 2017 but seem to have fallen out of favor with investors. This is evident in the 2021 price action, where it failed to retest its all-time highs and lagged the market.

With the breaking news, new investors targeting newer, shinier cryptos could start to take interest in BCH and spark a rally that could reach new highs.

Bitcoin Cash is currently up 12.81% and over 31.18% in the past week. Volumes are high and with the upward momentum in the broader market, BCH’s prospects look pretty good.

Bitcoin Cash Makes Higher Lows

Source: TradingView

In the past 24 hours, Bitcoin Cash has made higher lows. This means that buying volumes are increasing, and if this continues in the near term, BCH could test $500 in the near term.

Overview

Bitcoin Cash has skyrocketed in the past 24 hours following news that it was about to become a country’s legal tender. This is a vote of confidence and could rekindle interest in Bitcoin Cash if the market starts to turn bullish again.

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