Bitcoin Cash (BCH)
Bitcoin Cash (BCH) experienced a significant surge on Monday, increasing by up to 14% in today’s session. This rally was prompted by a false report from Cointelegraph claiming that the SEC had approved Blackrock’s bitcoin ETF. The tweet has been deleted, and the company has issued an apology for the mistake. Following the news, BCH/USD reached a high of $242.77 but has since fallen to $229.43.
Despite the drop, Bitcoin Cash remains more than 8% higher than Sunday’s low of $213.10. The rise was driven by a breakout on the 14-day relative strength index (RSI), surpassing the 55.00 mark and currently tracking at 56.44.
Solana (SOL)
Solana (SOL) started the week nearing the $25.00 level, reaching a 14-day high due to bullish momentum. After hitting a low of $21.71 on Sunday, SOL/USD surged to a peak of $24.41 earlier in today’s session. However, the price has since dropped to $23.34.
Similar to BCH, the breakthrough of a resistance zone signaled an entry point for bullish traders in the market. Currently, the index is tracking at 61.79 after surpassing the ceiling at 60.00.
Hot Take: Bitcoin Cash and Solana Experience Significant Gains
Bitcoin cash and Solana saw substantial gains as Bitcoin cash surged by up to 14% following a false report about Blackrock’s bitcoin ETF approval by Cointelegraph. However, an apology was issued for the mistake made in their tweet. Meanwhile, Solana reached its highest level since October 2 but experienced a slight decline in momentum. Both cryptocurrencies benefited from breakthroughs in resistance zones, attracting bullish traders to enter the market. Despite a slight drop in prices, Bitcoin Cash and Solana remain higher than their recent lows.
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