Bitcoin Cash Gains 20%, Nears $500 on Institutional Buying
Bitcoin Cash (BCH) has rallied nearly 20% this week, outperforming major cryptocurrencies as volume surged over 500% in a single hour. Institutional buying amid U.S.-China trade tensions and a hawkish Fed stance drove BCH from $462 to a two-month high near $492.
At press time, BCH trades around $492, up 7% in 24 hours, and has overtaken SUI to rank 12th by market cap. Technical indicators are bullish: BCH cleared long-term trendline resistance near $472, holds above the 100-hour SMA, the RSI sits at 68, and the MACD turned positive. Momentum confirmation (MCD) is also in positive territory, signaling strong buying pressure.
Multiple tests of the $500 level have formed a consolidation zone between $485 and $492. A decisive break and flip of $500 into support could pave the way for $505 and $615 targets. Historically, Q3 has favored BCH, reinforcing expectations of further upside. Traders should watch volume spikes and market sentiment for confirmation of a sustained rally.
Bullish
The combined news highlights strong institutional inflows and technical breakouts that support a bullish outlook for BCH. Short term, the volume spike and RSI above 68 signal continued momentum toward the key $500 level. A successful flip of $500 into support could trigger quick tests of $505 and $615. Over the long term, historical Q3 strength and ongoing capital rotation into mid-cap coins suggest sustained upside potential. Traders should monitor volume and sentiment to validate the breakout.