Cryptocurrency market update: Bitcoin Cash jumps 10% on Bitmain IPO, Bitcoin Gold rises 14% as Bitcoin sits above $6,500

Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.
South Korea’s Bithumb adds more liquidity for Bitcoin Gold; traders celebrate.
Bitcoin is back above $6,500 but lacks moment for further movements.

John Isige FXStreet

Bitcoin Cash is among the mid-week best performers recording gains of 10% on the day. As discussed in an earlier published price analysis, traders moved to take their positions following the news that Bitmain, the giant firm that mines Bitcoin was moving towards an IPO. The firm is currently valued at $12 billion and is reported to have made a profit approximately $742.7 million in the period ending June 2018. Bitmain is said to have large holdings of BCH, although the exact amount has not been made public.

Bitcoin Cash technical picture

Bitcoin Cash is currently trading at $569 after breaking out of a short-term bullish flag pattern that consolidated the gains at above $510. The price is trading above the moving averages (both 50SMA and 100SMA0 on the hourly chart. The trend has stalled at $580 but the prevailing trend is bullish. This means that Bitcoin Cash is likely to test $600 before the close of the session on Thursday.

BCH/USD 1-hour chart

Bitcoin Gold goes ballistic

Bitcoin Gold is another asset that is making incredible heady way in Thursday’s trading sessions. It is up a whopping 14% on the day after breaking technical levels at $23.00. Prior to the surge, the crypto was bound in a range below $23.00 while supported marginally above $21.00. The gains today have been triggered by Bithumb exchange decision to increase BTG liquidity citing investor confidence. BTG/USD is testing $29.00 on the upside while trading at $27.8.

BTG/USD 1-hour chart

Bitcoin technical picture

Bitcoin, on the other hand, has pulled back above $6,500. The asset rejected the support at this level on Wednesday resulting in a drop that was stopped at $6,450. At the moment, Bitcoin price is changing at $6,502. The moving averages are working a support and resistance as observed on the hourly timeframe chart. The dominating trend is bullish but the buyers do not have the strength to push for a higher retracement.

BTC/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Uniswap extends rally amid Arc stablecoin liquidity partnership

Uniswap approaches $3.00 at the time of writing on Tuesday, extending its rebound for the sixth consecutive day. The rebound aligns with the broader risk-on mood in the crypto market, with Bitcoin trading above $67,000.

Crypto Today: Bitcoin extends recovery above $66K as Ethereum and XRP lose momentum

Bitcoin holds above $66,000, seemingly poised to extend its rebound, supported by growing retail demand. Ethereum struggles near the $1,800 short-term supply range despite a strengthening derivatives market.

Bitcoin rebound driven by fading selling pressure as demand remains subdued

Bitcoin extends its recovery, trading above $66,500 on Tuesday, marking four consecutive days of green candlesticks. Report highlights that BTC is staging a tentative relief bounce from deeply oversold conditions, suggesting stabilization rather than a trend reversal.

Zcash, Near Protocol, Hyperliquid regain bullish momentum after Arthur Hayes exit

Zcash, NEAR Protocol, and Hyperliquid edge higher on Tuesday, extending their recovery so far this week. Retail and institutional demand heats up for altcoins, fueling a rebound as prices fully absorb the impact of Arthur Hayes's exit.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.