Bitcoin Cash (BCH) has experienced a significant 7% surge, reaching $647 within 24 hours and hitting its highest valuation since April 2024, as reported by CoinDesk data. This notable rally comes after a period of pronounced bearish sentiment surrounding the token, according to market intelligence platform Santiment.
Santiment highlighted on social media platform X that "prices historically move contrary to crowd expectations. Thus, adopting a strategy of buying during fear and selling during greed continues to prove highly effective for most altcoins," explaining BCH's upward momentum.
The token's performance aligns with broader risk-on sentiment triggered by Wednesday's Federal Reserve rate cut and market anticipation of ongoing liquidity easing in upcoming months. Several other cryptocurrencies, including DOT, SUI, JUP, and NEAR, have posted similar gains over the past day, while smaller-cap coins like PENGU have led with impressive double-digit increases.
Adding fuel to the Fed-driven bullish sentiment is the Securities and Exchange Commission's (SEC) approval of generic listing standards for commodity and crypto ETFs, eliminating the need for individual product reviews. This regulatory development is expected to accelerate the launch of new token-linked investment products in coming months.
BCH's recent price action builds upon a bullish breakout confirmed two months prior. In July, its price exceeded the upper boundary of a channel pattern formed by trendlines connecting April and December 2024 highs, along with August 2024 and April 2025 lows.
This breakout from extended consolidation indicates absorbed selling pressure, paving the way for potential further gains. The immediate resistance level to monitor is the 2024 high of $719, representing the next significant challenge for BCH's upward trajectory.