Bitcoin News Today: Bitcoin Cash Gains 4% Amid Bullish Technical Setup and Market Flows

Bitcoin Cash (BCH) has gained 4% in the past 24 hours, outperforming the broader cryptocurrency market, which saw a 2% decline [1]. The price action has drawn attention as it suggests a potential reversal in sentiment, particularly during a period of market correction. Current levels near $607 are being closely watched as a key threshold for further upward movement [2].

A successful breakout above $607 could set the stage for a rapid 12% gain, pushing the price toward $665 [1]. This target is supported by Fibonacci extension levels, a common tool used by traders to identify potential price extensions following a key breakout [2]. The chart structure also shows that BCH has been forming higher highs, which typically indicates growing buying pressure and a strong likelihood of a sustained rally.

Technical indicators reinforce the bullish outlook. The Bull Bear Power (BBP) metric remains firmly in positive territory, showing that buying strength has been consistent over time [1]. On-Balance Volume (OBV), which tracks buying and selling pressure, has been rising steadily, signaling that the current rally is driven by spot buying rather than derivative activity [2]. This is considered a healthier sign for long-term sustainability.

While the OBV and BBP are strong, the Chaikin Money Flow (CMF) remains at a lower level compared to previous key breakout periods, such as when BCH last reached $607 [1]. A rise in CMF could provide additional confirmation that the rally has broad-based support.

Exchange net flows also appear favorable, with the amount of BCH moving into exchanges declining in recent days [1]. This trend suggests that traders are moving coins into long-term storage, rather than holding them on exchanges for immediate selling. Historical patterns indicate that this shift often precedes a price increase [2].

If the $607 level is cleared with continued strength in OBV and rising CMF, the path to $665 becomes clear. Conversely, a failure to break through this level could lead to a short-term pullback or retest before another attempt [1]. Traders are advised to monitor these developments closely.

The broader cryptocurrency market has also shown signs of resilience, with Bitcoin maintaining support above $120,000 despite significant selling pressure near its all-time high [3]. This suggests continued institutional or long-term investor interest, which could benefit altcoins like Bitcoin Cash that tend to respond more quickly to market sentiment.

In summary, Bitcoin Cash is positioned for a potential short-term breakout, with technical indicators and market flows aligning in favor of a bullish scenario. Traders should watch $607 closely and be prepared for a rapid move toward $665 if the level is confirmed. For now, the bulls appear to be in control, and the technical setup remains favorable for a near-term price increase.

---

Source:

[1] The Coin Republic: Bitcoin Cash Price Eyes Quick 12% Gain: Bulls Hold Ground, https://www.thecoinrepublic.com/2025/08/12/bitcoin-cash-price-eyes-quick-12-gain-bulls-hold-ground/

[2] The Coin Republic: Bitcoin, Ethereum, DeFi, Altcoins News, https://www.thecoinrepublic.com/

[3] CoinGlass: Price predictions 8/11: SPX, DXY, BTC, ETH, XRP, BNB, https://www.coinglass.com/ru/news/531326