Bitcoin Cash Stages Surprise Run to Near $500 as Volumes Spike 500%

Bitcoin Cash surged to a two-month precocious supra $499 arsenic bulls took power during an assertive rally fueled by organization request and broader marketplace uncertainty. The determination puts BCH wrong striking region of the psychologically captious $500 level — a portion past touched during April's breakout attempt.

News Background

• BCH’s rally comes arsenic escalating planetary commercialized tensions thrust request for non-sovereign assets.
• The U.S. and China are erstwhile again ramping up tariff pressure, targeting high-tech sectors and stoking concerns implicit planetary proviso chains.
• Risk assets person responded unevenly, but Bitcoin Cash has intelligibly benefited from superior rotation into mid-cap majors.
• The Federal Reserve’s stance remains firmly hawkish, with policymakers holding rates astatine 4.25%-4.50% and signaling further quantitative tightening.
• Bitcoin Cash, contempt a past of volatility and fading retail hype, has precocious shown signs of organization reappraisal.
• Analysts constituent to its scaling simplicity, accelerated colony times, and semipermanent method basal supra $400 arsenic factors drafting renewed interest.

If momentum persists, BCH could effort to flip $500 into a semipermanent enactment — a determination that could alteration its macro operation heading into Q3.

Price Action

BCH rallied from $461.87 to a precocious of $492.08 implicit 24 hours, backed by beardown inflows. The breakout began successful earnest during the 13:00–14:00 window, erstwhile measurement spiked to 152,140 units — much than 5 times the hourly mean — confirming organization buying.

The terms rejected disconnected the $500 obstruction aggregate times, slipping to $490.46 during the aboriginal greeting league earlier stabilizing. A little sell-off astatine 04:51 triggered a speedy dip to $491.47, but terms soon reclaimed $485, showing signs of resilience and consolidation conscionable beneath cardinal resistance.

Technical Analysis Recap

• Bitcoin Cash posted a 6.5% summation implicit 24 hours, rising from $461.87 to $492.08.
• Breakout confirmed by 5x measurement surge (152K+) during the 13:00–14:00 hour.
• Price cleared semipermanent trendline absorption adjacent $472 and held supra the 100-hour SMA.
• Multiple tests of the $500 obstruction suggest intelligence absorption remains intact.
• Support formed astatine $490.46; consolidation portion present betwixt $485–$492.
• RSI rising with country to run; MACD crossing into bullish territory.
• Bulls whitethorn people $505 oregon $520 adjacent if $500 is convincingly broken.

Disclaimer: Portions of this nonfiction were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial squad for accuracy and adherence to our standards. For much information, spot CoinDesk’s afloat AI Policy.