Bitcoin Cash (BCH) has experienced a remarkable price increase in recent days. This rise was supported by the Bitcoin Conference and Bitstamp's Mt. This took place after Gox made BCH and BTC available to creditors. BCH price traded as high as $444 and is signaling a bullish reversal pattern on the daily chart. Technical indicators show that BCH has the potential for further upside, but also consider the possibility of a short-term consolidation or pullback.

Bitcoin Conference and Bitstamp Effect

Bitcoin Cash's recent performance was largely triggered by developments at the Bitcoin Conference. At the conference, US presidential candidates Robert F. Kennedy Jr. and Donald Trump's promises to the cryptocurrency industry increased interest in BCH. Additionally, Bitstamp's Mt. Gox's opening of BCH and BTC to creditors has revived interest in the value of BCH.

BCH price reached $444 in the European session, which represents a notable increase of 13.1% in the last 24 hours. This rise in price may gain further momentum with the bullish reversal formation completed on the altcoin's daily chart. Current technical indicators suggest that BCH's price could rise further. The prices of Bitcoin and Bitcoin Cash rose after the Bitcoin Conference, breaking significant price barriers. Spot Bitcoin ETFs in the US saw net inflows of $56 million at the weekly close on July 26, according to data analysis platform SoSo Value. ETFs have reached a trading volume of over $17 billion in the last 6 months, and daily net inflows have been negative for only 3 days.

Open Interest and Technical Indicators

According to Coinalyze data, open interest (OI) in futures and perpetual contracts for Bitcoin Cash increased by 21% in the last 24 hours. This shows that investors are pouring funds into BCH and actively taking positions. However, OI is still below the key $284 million resistance level. If this level is breached, there could be a rapid influx of buyers into BCH, which could push the price back to the yearly high of $719.

The price of BCH is currently above the 50-day exponential moving average (EMA) and continues to rise. This has caused an Inverted Head and Shoulders pattern to form, indicating a potential bullish move. BCH might test the $520 resistance level in the coming days. However, it should be considered that the price may find support at the $381 and $400 levels.

The Relative Strength Index (RSI) is at 73.33, indicating overbought conditions. These highs on the RSI increase the likelihood of a short-term consolidation or a minor pullback. The Chaikin Money Flow (CMF) indicator is at 0.19 and indicates positive money flow and buying pressure. These indicators offer important clues about BCH's short-term movements and general trends.

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