BCH Clears $550 on Heavy Volume; $547 Flips to Support
Bitcoin Cash (BCH) experienced a notable breakout, crossing above $550 during a volume surge, with the price momentarily cooling into a range between $553 and $556. An initial volume spike at 1 a.m. UTC, featuring 130,078 units traded, helped BCH advance by 2.6% to settle at $554.52, establishing higher lows and confirming an uptrend. Key support is now pegged at $553.50, while previous resistance levels at $547 and $550 are seen as new support. The breakout, registered with trading volumes 328% above average, highlighted strong buyer participation. Recent trading patterns show BCH's resilience, recording a 4.8% weekly gain against Bitcoin, which saw a slight decline. A pullback to $553.58 was noted as a customary market check to affirm the new support, with an immediate resistance target at $558.25. Options interest has also increased at higher strike prices, indicating traders are anticipating further upward movements.
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