Bitcoin Cash reclaims $250 as a BCH-based DeFi startup raises $1 million in seed fund

Bitcoin Cash price advanced higher above $250 as BTC/USD surged above $10,000. The price action extended above towards $260 but hit a wall at $258 (intraday high). In the meantime, BCH/USD has adjusted lower to $250 as selling pressure makes a comeback. Generally, the entire cryptocurrency market is bearish during the European session.

General Protocols raises $1 million in seed fund

General Protocols is Decentralized Finance (DeFi) platform based on Bitcoin Cash. In its latest round of funding, the platform has raised $1 million to build a flagship product called AnyHedge. The product is an open-source derivatives tool that exchange platforms and Over The Counter (OTC) desks can integrate to come up with new markets using smart contracts. The President of General Protocols said in a statement:

We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.

At the time of writing, Bitcoin Cash is trading between the 50-day SMA support and the 200-day SMA resistance. The drop from the highs at $258 is also supported by the ascending trendline. Sideways trading action is likely to take center stage especially with the RSI leveling at 56. On the other hand, the MACD shows that buyers have an upper hand and could force a reversal towards $260 (next resistance target).

BCH/USD daily chart