Bitcoin Cash Breaks Above $550 as Volume Surges

Bitcoin Cash (BCH) surged above $550, rallying 2.6% to $554.52, after experiencing an influx of volume at 1 a.m. UTC. A spike of 130,078 units marked the breakout as BCH pushed past $547, establishing new support at $553.50 and consolidating within a $553 to $556 range. This pattern follows increasing price levels, with confirmed higher lows since $528.55. Volumes during the rally were 328% above average, indicating robust market participation. A slight pullback to $553.58 tested this support area, suggesting traders are monitoring if the elevated levels will hold. The technical outlook highlights a prior high at $558.25 as immediate resistance, with a potential retest of $547 below. This bullish momentum contrasts with Bitcoin's 1.2% decline over the same period, illustrating BCH's recent strength against BTC. Traders are also noting rising options interest for further upside at the $560 and $575 strikes, hinting at strategic positioning for future movements in BCH prices.

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