Veteran trader Peter Brandt says Bitcoin Cash (BCH) is leading the cryptocurrency market recovery with its performance. In a recent post, Brandt noted that noise and distraction in the crypto sector are gradually fading, allowing traders to focus on price action. He implies that BCH is already showing strength early, and it could be a leading indicator for further moves in crypto. BCH is leading the charge.
In the broader crypto market, Bitcoin Cash is outperforming by over 2% as it rose by 3.66%. Prices surged from a low of $637.10 to a peak of $665.66. As of this writing, Bitcoin Cash changed hands at $662.80, which represents a 3.1% increase in the last 24 hours. The asset’s trading volume is up by 15.04% to $667.89 million within the same time frame, and the added pair will reduce the reliance on BTC/ETH pairs and simplify things for traders.
The Relative Strength Index (RSI) at 64.98 suggests room for upside and indicates the coin could soar toward $700 before overbought conditions set in. If BCH’s current momentum supports its climb to $680, the asset might easily flip the $700 mark and make a run for higher levels. However, if it slips below $650, Bitcoin Cash could reverse its gains and crash to between $625 and $628. If BCH keeps spiking in price, it could close the market capitalization gap and possibly flip Cardano.
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