Annachen

Driven by active on-chain activity and bullish futures positions, Bitcoin Cash (BCH) price surged 20%, reaching a high of $544 intraday. Between February 1 and 17, the number of trades increased from 9,769 to 14,240, with BCH transfer volume reaching $119.76 million, indicating active whale trading. In the derivatives market, positive funding rates and approximately $1.5 million in short liquidations (far exceeding long liquidations) suggest a strong bullish bias. However, declining hash rate and $1.1 million in spot selling could pose potential resistance to this rally.

According to a tweet from crypto research firm Santiment: Bitcoin market sentiment has shifted from "when will it rebound" to "how low can it go." Santiment data shows that when social media discussions focus on the $50,000-$60,000 range, the market is in a state of fear; while discussions around $90,000-$100,000 reflect greed. Since the market often moves counter to public expectations, the likelihood of a short-term rebound is increasing as retail investors generally believe Bitcoin will fall below $60,000.