Bitcoin Cash Breaks $600 Mark on 32% Volume Surge
Bitcoin Cash (BCH) saw a 32% surge in 24-hour trading volume to $704 million as its price broke above the critical $600 resistance, peaking at $618.56 before retracing to the $600 support level. Institutional open interest rose by 23%, indicating larger investors are increasing directional bets. On the hourly chart, a golden cross between short-term moving averages and an RSI of 58.85 signal sustained bullish momentum without extreme overbought pressure. Key supply walls lie at $680 and $764; flipping $600 into firm support could pave the way toward the $1,000 mark. Traders should monitor volume trends, open interest shifts, and moving average crossovers for breakout confirmation, while using conservative stops below $600 or trailing intraday averages to manage risk. Broader market sentiment remains in “Greed” on the Fear & Greed Index, with Bitcoin’s tight correlation with equities and upcoming US CPI data adding potential volatility.
Bullish
The 32% jump in trading volume and a successful breach of the $600 resistance mark, paired with rising institutional open interest and bullish technical signals (golden cross, moderate RSI), support a short-term upward bias for BCH. Flipping $600 into reliable support could trigger a sustained rally toward higher resistance levels at $680, $764 and potentially $1,000. While macro factors like upcoming CPI data and equity correlations may inject volatility, the current on-chain and market indicators point to bullish momentum, making BCH an attractive trading opportunity with proper risk controls.