Bitcoin Cash heads towards the $650 resistance but remains aware of the $550 support

Latest Data on BCH Movement

The cryptocurrency market is entering a new week with a bullish outlook, with major assets like Bitcoin and Ethereum maintaining an upward trend across the board. Meanwhile, Bitcoin Cash (BCH) is showing unique price fluctuations, attracting attention.

As of the time of writing, BCH is trading at $624.10, with a circulating market cap of $12.47B. After a 15% increase last week, BCH has risen to the 11th position in market capitalization rankings, showing a strong upward movement that has overtaken major projects like Chainlink and Hyperliquid.

Technical Analysis Indicates Bullish Signals

Analysis of the 4-hour chart shows that BCH is currently in a clear buy-dominant phase. The Relative Strength Index (RSI) is at 59, indicating that the market has broken above the neutral zone, with buying pressure increasing.

The MACD indicator has also shifted into the buy zone since last week, creating a favorable environment for traders. The overall momentum indicators suggest a bullish outlook, making it likely that prices will continue to rise in the short term.

Next Targets and Support Levels

If the current upward trend continues, BCH is expected to approach the recent major resistance level at $650. Breaking through this level could open the door to a rally up to $720 (2024 high).

On the other hand, a correction could find support at $550. This level functions as an important Index Liquidity Point (ILQ), and it may be retested within the next few hours or days.

BCH’s price movements are characterized by high short-term volatility, but overall technical signals favor buying. The scenario of testing higher levels based on the $550 support remains a strong possibility.