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

Bitcoin Cash (BCH) surged above $550, hitting $554.52 with a notable volume increase of 130,078 units during a spike at 1 a.m. UTC. This increase followed a push through the $547 resistance, which now serves as a new support level. The price settled into a consolidation band between $553 and $556, as traders monitored whether $553.50 would hold. Technical analysis indicates that BCH has shown higher lows at $528.55 and $534.36, confirming an upward trend. Weekly context highlights BCH gaining 4.8% compared to a slight decline for Bitcoin. A quick dip to $553.58 tested the support level after the breakout, indicating strong buyer presence. The next immediate resistance level is marked at $558.25. With options interest rising for November strikes at $560 and $575, traders are optimistic about potential upside momentum. If the support holds, BCH is expected to continue testing higher levels, while a break below $553.50 could prompt a retest of $547.

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