BCH Clears $550 on Heavy Volume; $547 Flips to Support as Range Narrows

Bitcoin Cash (BCH) climbed above $550, reaching $554.52 after a significant volume increase at 1 a.m. UTC, breaching the previous resistance at $547. This surge saw BCH advance by 2.6%, with traders focusing on whether the new support at $553.50 would hold. The trading volume during this move was 328% above average, indicating robust market participation. A consolidation band was formed around $553 to $556, with the price experiencing a slight pullback to $553.58 shortly after the breakout. Weekly performance reflects a 4.8% gain for BCH compared to a 1.2% decline for Bitcoin, emphasizing the strength in BCH's upward trend. The model highlights that the recent price movements established higher lows, implying a constructive market structure despite an immediate resistance level at $558.25. Overall, if support holds, BCH may see further upward movement; however, a failure to maintain support at $553.50 could lead to a retest at $547.

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