BCH Holds $555 Zone, Traders Watch for Breakout Toward $600
Bitcoin Cash (BCH) gained 3% in the last 24 hours, climbing to around $557.9 as buyers successfully defended a crucial support area between $540 and $550. The move underscores ongoing bullish momentum after last week’s correction, with technical charts suggesting a potential retest of higher resistance levels.
The chart indicates BCH has rebounded strongly from the green demand zone near $540, preventing further downside pressure. This rebound comes after the asset briefly slipped below its rising channel that supported price action through July and early August.
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If upward momentum continues, the next major resistance zone sits between $600 and $620, where previous rallies stalled. A clean breakout above $620 would open the door for a move toward $650, marking a full recovery of the recent pullback. On the flip side, failure to hold above $540 could expose the market to deeper declines toward $500 support.
Analysts see this bounce as a healthy recovery in line with the broader crypto market’s stabilization. “BCH reclaiming $555 is significant because it validates strong buying pressure at support. As long as it holds this zone, the probability of retesting $600 remains high,” BITX strategist explained.
BITX market observer noted, “Bitcoin Cash is moving in sync with broader large-cap altcoins. it interesting here is the confluence of support around $540. Institutional desks often look for these levels to build short-term positions.”
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.