Do you remember that summer in 2017? Bitcoin Cash (BCH) forked from the parent Bitcoin (BTC) under the spotlight, carrying the banner of "the real Bitcoin" and vowing to solve the issues of congestion and high transaction fees, becoming the "chosen one" that could truly move towards everyday payments. At that time, its supporters were passionate and firmly believed it would surpass Bitcoin and usher in a new era of Crypto Assets.

Time has passed, and looking at today, it inevitably makes one sigh. The ambition of those days seems to have been reduced to just a sentiment for the old players.

Recently, Bitcoin Cash has experienced a long-awaited surge, with the price once breaking through $500 and reaching a high of $506. From the data, it seems to be gaining momentum: the price is firmly above the 7-day and 25-day moving averages, and the trading volume has soared to over 12 million USDT in a short time, indicating a large influx of funds and strong market demand. The community is also quite optimistic, with some even calling for a push towards $1000.

However, beneath the hustle and bustle, hidden worries have emerged.

A careful analysis of the technical indicators reveals that the momentum behind this rise is not as solid as it seems. Although the price is increasing, the key momentum indicator MACD shows bearish signals (DIF: 6.2, DEA: 3.9), which usually indicates that the driving force behind the rise is weakening, and the market may experience divergence. It's like a car that is still pressing the accelerator but the engine has started to struggle; after a short-term surge, there is a significant risk of consolidation or a pullback.

All of this points to a harsh reality: Bitcoin Cash has long fallen behind.

The challenger who once aspired to "take down" Bitcoin has now been left far behind in terms of market value and influence. Bitcoin has undoubtedly become the "digital gold" that institutions are eager to allocate, a macro asset that attracts global attention; meanwhile, Bitcoin Cash, after going through multiple forks and internal community strife, has mostly remained in the memories of early supporters, becoming a legendary tale of past glory and controversy.

It may still have its own value and specific application scenarios, and occasionally it will burst forth like now, proving its existence in the rotation of the market. However, for most investors, the halo surrounding it comes more from the nostalgia for that wild fork era rather than a firm belief in the future.

The dream of surpassing back then, unfortunately, turned out to be just a dream. Today's BCH is more like a footnote of an era, reminding us of the cruelty and volatility of the crypto world. For those who hold it, is this surge a surprise or the final exit opportunity? Perhaps, that remaining sentiment is the true answer in their hearts. $BCH