Bitcoin Cash (BCH) is not one of the flashy performers in the crypto market, with the coins’ 18% uptick in the past month small compared to peers in the top 100 cryptocurrencies by market cap.
However, as Ethereum makes headlines as it approaches its all-time high, Bitcoin Cash is also hovering around a critical resistance level having tested the $600 level.
This charge, fueled by a remarkable 30% surge in daily trading volume, could see BCH eye further gains towards the $1,000 mark. But what’s the technical outlook?
The price of Bitcoin Cash is currently retesting a pivotal resistance zone, with its price hovering around the $600 mark.
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Over the past 24 hours, BCH has touched highs of $601 across major exchanges, and shows resilience with prices remaining above $590 and ticking to highs near the July peak of $604.
The jump to $600 represents a notable move for BCH, as this allows buyers to test the upper boundary of a sell wall that has previously seen bears emerge strongly.
Notably, the 30% spike in trading volume speaks to the increased market activity, suggesting traders may be positioning for a potential breakout.
BCH price reached highs of $624 in December 2024 and last traded above $1,000 in 2021.
Looking at the technical picture for Bitcoin Cash, the overall outlook is optimistic, with bulls setting their sights on flipping $600 into a robust support level.
From here, a potential climb towards $1,000 is possible. In the short term, the supply wall is around $680 and $764 and above this, a flip to $1k and over will be more likely.
The broader market sentiment, with Fear & Greed Index trending in the “Greed,” zone, adds to this outlook.
BCH’s technical indicators also align with a bullish trend. Increased adoption that has investors buoyed amid favorable macroeconomic conditions, gives this altcoin a good chance of continuing higher.
However, traders may yet trade cautiously as profit taking a dump for major altcoins could dampen broader sentiment.
The upcoming inflation data, with Bitcoin’s correlation with stocks tight, could mean either a sharp surge or notable dump.
“BTC ’s correlation with equities has tightened since mid-July, mirroring US stocks’ rebound to near record highs. Attention now shifts to Tuesday’s CPI, expected to rise 10 bps to 2.8%,” analysts at QCP noted. “A softer CPI could cement odds of a September Fed cut, while a hotter print risks stalling the rally. Traders are hedging with demand for short-dated $BTC puts in the $115k–$118k range.”
The price of Bitcoin hovers around $118,500, while BCH trades near $590.
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BCH looks to break key resistance as Bitcoin Cash volume jumps 30%
Source: https://coinjournal.net/news/bch-looks-to-break-key-resistance-as-bitcoin-cash-volume-jumps-30/
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