Bitcoin Cash Surges 1.9% to Break $518 Resistance
Bitcoin Cash Surges 1.9% to Break $518 Resistance
Bitcoin Cash (BCH) advanced by 1.9% during Wednesday's trading session, reaching $518.01 and surpassing a key resistance level. This move came amidst increased volatility in the crypto market, as BCH demonstrated strong upward momentum within a $32.78 trading range, marking 6.4% intraday volatility. The surge was particularly notable as many altcoins struggled to maintain their positions at critical resistance zones.
Technical Momentum Drives BCH
At 13:00 UTC on Wednesday, BCH overcame the $530 resistance level with exceptional trading volume of 39.3K units, significantly above the 24-hour moving average. The token reached a high of $532.16 before entering a descending channel, consolidating with diminishing volume while establishing support at $515.00.
Early Thursday saw a two-phase rise starting at 02:35 UTC, as BCH climbed from $516.34 to $521.66 on a volume of 3,276 units, before stabilizing around $518.00. This movement tested the $521.50 resistance and reinforced broader bullish sentiment.
Market Analysis and Outlook
Without specific fundamental drivers for BCH, technical levels took precedence as the crypto market experienced fluctuations. While BTC faced resistance near $107,000 and most altcoins struggled, BCH's stability above $515.00 indicated potential accumulation by significant investors. The post-breakout phase showed healthy price discovery, with reduced selling pressure during pullbacks, suggesting a strong technical position for BCH as markets address overhead supply.
Technical Levels and Volume Insights
Support/Resistance:- Primary support at $515.00 after breakout
- Secondary support between $499-503, tested twice
- Resistance at $521.50 based on recent patterns
- Upper target at $530-532 from previous highs
- Volume spike to 39.3K units confirmed breakout
- Decreasing volume during consolidation indicates limited selling
- 60-minute volume of 3,276 units supported upward momentum
- Accumulation above $515 support zone evident
- Bullish trend with higher lows during consolidation
- Descending channel post-breakout suggests controlled profit-taking
- Two-phase movement indicates continued institutional interest
- Support testing strengthens uptrend structure
- Immediate target: $521.50 resistance retest with volume
- Extended target: Return to $530-532 highs on follow-through
- Risk threshold: Break below $515.00 signals trend failure
- Stop placement: Conservative exits below $499 for swing trades
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