BCH Clears $550 on Heavy Volume

Bitcoin Cash (BCH) has recently broken above the $550 mark, experiencing a 2.6% increase to $554.52, following a significant volume spike. The price exceeded $547 around 1 a.m. UTC, with a recorded trading volume reaching 130,078 units at that time. The current consolidation band is between $553 and $556, with new support expected at $553.50. This upward trend is characterized by higher lows established at $528.55 and $534.36. The breakout signifies strong buying interest, supported by a trading volume that was 328% higher than average. A brief pullback to $553.58 was observed, testing the newly established support. With weekly gains of 4.8% for BCH and a robust technical structure, the focus for traders now shifts to whether the support at $553.50 holds, with the previous high of $558.25 serving as the next resistance level.

Source 🔗