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

Bitcoin Cash (BCH) experienced a breakout above $550 on a surge in trading volume, consolidating in the mid-$550s thereafter. The price climbed 2.6% to $554.52 after crossing $547 with a significant volume spike of 130,078 units at 1 a.m. UTC. The technical analysis indicates that $553.50 serves as the first support level, with a consolidation range established between $553 and $556. Previous support levels at $547 and $550 are being tested as potential new support. The breakout occurred during Asian trading hours, and participation in the movement was 328% above average. Following this, BCH briefly dipped to $553.58, allowing for a check on the new support. Weekly performance shows BCH gaining 4.8% against Bitcoin, underlining its positive trend. Traders are also positioning for potential upward movements, noting rising call interest at $560 and $575 strikes, suggesting optimism in the market as they monitor the price action around these key levels.

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