Bitcoin Cash Price Prediction as Grayscale's SEC Lawsuit Ruling Sends BCH Soaring – What's Going On?
The Bitcoin Cash price has risen by 15% in the past 24 hours, with its jump to $219.44 following yesterday's news that Grayscale has won a court appeal against the Securities and Exchange Commission.
Grayscale's victory now means that the SEC has to re-review Grayscale's application for a spot-based Bitcoin ETF, a development which has given a boost not only to BTC, but to BTC-related tokens such as Bitcoin Cash (BCH), Bitcoin SV (BSV) and Stacks (STX).
BCH is now up by 17% in the past week, with the altcoin also having risen by 128% since the beginning of the year.
And with the increasing probability of a spot BTC ETF, there arises the possibility that a BCH ETF could follow not long afterwards.
BCH's technical indicators reflect yesterday's surge, with the coin's relative strength index (purple) jumping from under 40 to almost 60 in a few hours, signalling the increase in momentum.
At the same time, BCH's price has soared above its 30-day (yellow) and 200-day (blue) averages, which again indicates rising momentum.
What's promising about these movements is that they have really only just begun, meaning that Bitcoin Cash still has more space left to rise before it becomes overbought and in need of a downwards correction.
With its support level (green) rising strongly, it will be interesting to see if the coin can break through its current resistance level (red), which stands at around $253.
If it does, then further sustained rises could follow, although it's hard to say just how sustained they could be.
This uncertainty stems from the fact that BCH's rally today has been caused by news that doesn't directly relate to it, with Grayscale's successful appeal relating specifically to Bitcoin (BTC).
Still, the acceptance of spot BTC
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