BCH rebounds from mid-range support; traders eye $600 resistance amid renewed buying momentum
Bitcoin Cash (BCH) showed signs of strength on Thursday, gaining over 4% to trade near $530, as buyers defended a key structural support zone around the $500 level. The move comes after several weeks of sideways trading, with the cryptocurrency consolidating between $450 and $560 following a sharp correction in early October.
Technical data from the daily BCH/USDT chart indicates that price recently formed a bullish structure break (BOS) after reclaiming short-term demand. The pattern suggests a potential reversal from the lower range, supported by rising trading volume and renewed momentum across major altcoins.
“The $500 zone has acted as a strong accumulation point for BCH since late October,” explained BitXJournal crypto market analyst. “As long as the price holds above this level, there’s a clear probability of a push toward the $600–$620 resistance area, which previously marked a major liquidity pocket.”
The chart also highlights an earlier ascending channel, which broke down in late September, leading to a temporary retracement. Since then, BCH has been attempting to rebuild bullish structure with multiple change of character (ChoCH) signals and an equal low formation, strengthening the argument for trend continuation.
Institutional activity and spot market data reveal that buy-side volume has been gradually increasing, aligning with broader optimism surrounding the crypto sector’s recovery and improving macroeconomic sentiment.
“Bitcoin Cash remains one of the more technically driven altcoins,” BitXJournal another analyst. “If it closes the week above $540, we could see traders testing the upper resistance at $630, with the next target near $700, corresponding to a prior strong high zone.”
As of press time, BCH trades around $530.8, maintaining its weekly gains and signaling a potential bullish reversal heading into late November.
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.