BIP 110 Proposal Sparks Division in Bitcoin Community
- Transaction Landscape: Over 67% of Bitcoin network transactions are linked to ordinals and runes, with daily transaction counts exceeding 621,000 and daily fee revenues around $2.3 million, indicating significant congestion and limited spare capacity on the network.
- BIP 110 Proposal Context: BIP 110 aims to restrict the recording of ordinals and NFT-like extra data on Bitcoin blocks, set to activate at block height 961,632 in early August, with supporters arguing it will refocus Bitcoin on payment transactions.
- Community Division Intensifies: A longstanding split exists within the Bitcoin community, with one faction advocating for Bitcoin as a payment network while another supports additional on-chain data; Blockstream founder Adam Back reiterated his opposition to including spam transactions in the network.
- User Risk Warning: As the activation date for BIP 110 approaches, users are warned that some Bitcoin wallets may malfunction, particularly the Bitcoin Knots wallet, which could render some coins temporarily unspendable, urging users to handle funds with caution.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BCH
Technical Sentiment Analysis for Bitcoin Cash (BCH). As of , Bitcoin Cash (BCH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BCH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BCH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin Cash (BCH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 125.673 | 155.287 | 183.573 | 213.187 | 241.473 | 271.087 | 299.373 |
| Fibonacci | 155.287 | 177.404 | 191.069 | 213.187 | 235.304 | 248.969 | 271.087 |
About BCH
About the author
