Bitcoin Cash Rockets to 17-Month High as BTC Struggles at $117K

Bitcoin Cash broke above $644 this week, hitting levels not seen since April 2024 — www.naijnaira.com reports.

Data from Santiment revealed BCH gained 7% against Bitcoin as market sentiment leaned strongly bearish.

That bearish mood gave BCH unexpected strength, making it the 16th largest cryptocurrency by market value.

“Fear-driven markets often provide the best setups,” Santiment noted while pointing to BCH’s surge as a textbook contrarian rally.

Meanwhile, Bitcoin continues to wrestle with resistance close to $117,000, according to Glassnode data cited in the original report.

A supply cluster at that level has created a major roadblock, slowing Bitcoin’s advance despite technical indicators turning more bullish.

At the time of writing, Bitcoin traded around $117,273 with a 0.82% daily gain and nearly 3% growth over the past week.

The Moving Average Convergence Divergence (MACD) is signaling a potential bullish crossover, while the Relative Strength Index (RSI) sits at 61.65.

Another twist came from a dormant wallet that suddenly moved 1,000 BTC, originally bought in 2014 at about $840 per coin.

The stash, now worth over $116 million, was split across three wallets, though the mysterious owner remains unknown.

Such dormant wallet activity tends to rattle markets, especially when Bitcoin is testing key resistance zones.