BCH Maintains Momentum but Faces Selling Pressure Around $600
Bitcoin Cash (BCH) saw a 4% gain in the past trading session, with its price currently holding near $595.4. Despite the upward move, the asset continues to face resistance just below the $600–$620 zone, a level that has repeatedly capped rallies over the last month.
The 4-hour BCH/USDT chart shows that the token has been trading within a well-defined range after breaking out of an ascending channel in early August. Price action remains supported around the $545–$555 green zone, which has acted as a base for multiple rebounds.
Currently, BCH is consolidating between major support near $550 and resistance around $600–$620. A decisive breakout above the red resistance band could open the way toward $650–$670, while failure to hold support may see a retracement back toward the mid-$500s.
Crypto traders are cautious despite the recent gain. According to BITX market analysts, “Bitcoin Cash is showing resilience by holding above $590, but the $600 zone has become a critical barrier. If bulls manage to push through, momentum could quickly accelerate.”
According to BITX technical strategists, “Volume has been relatively muted compared to earlier summer rallies. This suggests that BCH needs stronger buying activity to sustain moves above resistance.”
BCH’s performance comes amid increasing institutional and retail interest in alternative payment-focused cryptocurrencies. Its 42% yearly gain underscores growing traction, yet traders remain mindful of macro headwinds and Bitcoin’s dominance, which continues to dictate broader market direction.
Bitcoin Cash’s 4% rise signals renewed optimism, but the immediate challenge lies in breaking through the $600–$620 resistance zone. With support firmly established around $550, traders are watching closely for confirmation of the next major trend.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.