Lead
Bitcoin Cash rallied 3.3% to $491.80 during the European trading session as sustained buying finally pierced the well-watched $487 resistance band. CoinDesk data show turnover peaked at 33,795 BCH around 21:00 UTC—78% above the 24-hour average—confirming that larger desks rather than retail FOMO powered the breakout. (CoinDesk)
Order Book Dynamics
- Higher lows at $462.67, $474.27 and $479.03 set up a textbook ascending triangle that resolved upward once offers at $487 were thinned.
- Volume clusters near $495 capped the advance, indicating remaining supply that bulls must absorb before eyeing $500+ targets.
- As of publication, CoinGecko data shows BCH trading at $480.51, marginally lower on the day as traders gauge whether the breakout holds. (CoinGecko API)
Technical Map
- Immediate support now sits at $487, followed by $479 if retracements deepen.
- A decisive daily close above $495 would establish room toward $510 and $525, levels last seen in August.
- Momentum remains constructive so long as BCH maintains higher lows and volume doesn’t collapse below the weekly average.
Outlook
- Monitor how U.S. hours digest the breakout; waning participation could see BCH slide back into its prior range.
- A broader revival in large-cap altcoins would help validate the move, while renewed weakness in bitcoin could drag BCH back below support.
- Traders are watching derivatives funding for signs of overheated leverage; neutral funding would suggest spot demand is driving price discovery.
Disclaimer: This article provides market commentary and is not investment advice. Digital assets are volatile and may result in the loss of capital.