Bitcoin Cash Breaks $520 Then $550 on Heavy Volume Surge
Bitcoin Cash (BCH) has staged a two-phase rally with strong volume and clear resistance breakouts. First, BCH breached the $520 level, climbing 0.71% to $524.31 as 24-hour trading volume jumped 26% above its weekly average. The token traded between $504.38 and $525.66, with a spike of 46,349 units at 01:00 UTC near the $531 resistance. Technical analysis showed a breakout above $520 supported by an ascending trendline from the $504 low and consolidation near $525. Building on this momentum, BCH later surged 2.6% to $554.52 during Asian hours, breaking above $550 on volume 328% above average. The move established higher lows at $528.55 and $534.36, confirming an uptrend. Post-breakout, BCH consolidated between $553 and $556 as traders tested the new $553.50 support. Upside targets include $558.25, while failure below $553.50 could retest $547. Weekly data shows BCH outperformed BTC, gaining 4.8% versus Bitcoin’s 1.2% drop. Rising call option interest at November strikes ($560, $575) underscores bullish sentiment. Traders may eye $540–$550, with risk confined to the $520–$553 support zone.
Bullish
The combined reports show consecutive resistance breakouts at $520 and $550 on surging volumes well above the weekly average. Such volume surges often signal strong buying interest and increased institutional participation, which supports short-term momentum. The establishment of higher lows at $528.55 and $534.36 confirms the ascending trend. Options data also shows rising call interest at November strikes, underlining bullish sentiment. Over the short term, traders may target the next resistance at $558.25 and beyond, with risk confined to the new support zone around $553.50–$520. Over the longer term, sustaining these higher support levels could solidify a continued uptrend in BCH, suggesting a bullish bias for both swing and position traders.