Bitcoin Cash (BCH) climbed 1.9% on Wednesday, rising from $508.32 to $518.01 as it broke through a critical resistance level amid volatile crypto markets. The token demonstrated clear bullish momentum within a $32.78 trading range, showing 6.4% intraday volatility while outperforming many altcoins.
The decisive breakout occurred at 13:00 UTC, when BCH surpassed the $530 resistance mark on exceptional volume of 39,300 units, 158% above the 24-hour moving average. After reaching a high of $532.16, BCH entered a descending channel with declining volume, maintaining higher lows and establishing support around $515.
Technical Momentum Drives Bitcoin Cash
No specific fundamental catalyst influenced BCH’s price action, as technical factors dominated amid broader market fluctuations. While Bitcoin (BTC) encountered resistance near $107,000 and many altcoins declined from key levels, BCH’s ability to hold above $515 suggested accumulation from larger investors.
After the breakout, Bitcoin Cash (BCH) consolidation phase featured diminishing volume during pullbacks, indicating limited selling pressure. A two-phase rally on Thursday morning saw BCH rise from $516.34 to $521.66 on volume of 3,276 units before dipping slightly to $518.07. This pattern tested resistance near $521.50 and established fresh support around $518, reinforcing the bullish trend.
Key Technical Levels and Volume Analysis
| Level | Price | Notes |
|---|---|---|
| Primary Support | $515.00 | Locked in after breakout |
| Secondary Support | $499 – $503 | Tested twice during sell-offs |
| Key Resistance | $521.50 | Recent 60-minute rejection point |
| Upper Target | $530 – $532 | Session highs from prior rally |
Volume analysis underscores the breakout’s strength, with a surge to 39,300 units confirming the move. Subsequent volume declines during consolidation suggest limited distribution. The 60-minute volume of 3,276 units supported attempts to test higher resistance levels. Accumulation above $515 remains evident.
Chart Patterns and Risk Management
- Bullish trend remains intact, marked by higher lows through consolidation.
- Descending channel after breakout indicates controlled profit-taking.
- Two-phase price movement reflects ongoing institutional interest.
- Support tests reinforce the uptrend’s structural integrity.
Traders are monitoring the $521.50 resistance retest for confirmation of continuation. The next target lies at $530 to $532, consistent with earlier highs. A break below $515 would signal a potential trend failure, with conservative stop-loss placements advised below the $499 support zone for swing positions.
