The post Why is Bitcoin Cash Price up Today? appeared first on Coinpedia Fintech News
Bitcoin Cash (BCH) is flashing bullish signals, with the price soaring over 26.7% in the past 14 days. Just in the last seven days, BCH has surged by 17.4%, briefly crossing the $500 mark before closing slightly below it. As of writing, BCH trades at $489.86—just 2% under the key psychological resistance.
Is a breakout above $500 next? Let’s dive in.
Bitcoin Cash Price Hits 2-Month High as Volume Spikes
BCH has significantly outperformed broader market expectations this quarter, jumping 62.1% since April. After posting a 20.9% gain in April and a 13.3% return in May, the coin is already up 18.5% in June.
Yesterday, BCH touched $500 for the first time since Jan 17 ($500.16) but failed to hold above it by market close. Still, 24-hour trading volume spiked by 6.3%, fueled by increased institutional interest and overall crypto market volatility.
Between 13:00 and 14:00, the market saw a surge of 152,000 BCH in trades—over 5x the average hourly volume, pushing daily volume to $645.6 million.
BCH Price at $500 Resistance: Bulls Eye Breakout Levels
Technical charts show multiple breakout attempts above $500 in the past 24 hours. Although BCH hasn’t closed above the mark, it currently sits:
- 2.06% below the resistance
- 4.02% above the 100-hour SMA at $470.90
Analysis suggests that a solid close above $500 could drive BCH to $505 or even $520, unlocking further upside momentum.
Technical Indicators Confirm Bullish Momentum
The Relative Strength Index (RSI) on the daily chart is at 68.64, indicating that there is still room for further gains before reaching overbought levels.
Meanwhile, the MACD (Moving Average Convergence Divergence) has flipped bullish—another strong signal of potential upward continuation.
Final Thoughts
With strong technicals, surging volumes, and renewed institutional interest, Bitcoin Cash is poised for a major move. If it successfully flips the $500 resistance into support, it could open the door to $520 and beyond.
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FAQs
Analyses suggest that it could range from $280 to $700, with an average around $400-$500. More bullish forecasts reach up to $1,400
Long-term forecasts for BCH in 2030 are highly optimistic, with predictions ranging from $590 to over $3,000, and some even reaching $3,900. These depend on factors like adoption and technological advancements.
BCH could see further gains if it breaks its $500 resistance, potentially reaching $520 and beyond in the short term. Long-term, some forecasts for BCH reach as high as $3,500 by 2030.
