Bitcoin Cash Surge

• Bitcoin Cash marked a 5% spike, trading at $491.
• BCH’s daily trading volume has surged by over 94%.

The broader crypto market is swinging within red and green charts over the past few days. Major assets’ price charts are printed in red, with Bitcoin and Ethereum hovering around $104K and $2.5K. Notably, the overall fear and greed index value is sitting at 48, displaying neutral sentiment.

Meanwhile, Bitcoin Cash (BCH) has recently broken through its critical resistance zones between $459.55 and $498.47, hitting a daily high of $500.11 from a bottom range of $458.05. At the time of writing, Bitcoin Cash trades within the $491.31 range, after a jump of over 5.93%.

BCH’s market cap has reached $9.76 billion, with the daily trading volume increased by 94.97%, touching $764 million. Besides, the market has witnessed a $774.70K worth of BCH liquidation, as per Coinglass data.

The weekly price chart of Bitcoin Cash recorded a surge of over 20.72%, noting the asset’s low at the range of $405. Later, the bullish momentum pushed it to the current trading level.

Is a Bigger Breakout Brewing for Bitcoin Cash?

The positive breakout of Bitcoin Cash could push the price to climb and likely test the key resistance in the range of $500. Further correction on the upside could trigger bulls to initiate the formation of a golden cross, supporting the price movement to hit the $511.30 mark.

Conversely, if the asset fails to meet the key resistance, it may likely step into a consolidation phase, potentially driving the price down toward the $480 level. Should bears invite the death cross emergence, the Bitcoin Cash price may fall steeply to its former lows.

BCH chart (Source: TradingView)

BCH’s technical chart analysis indicates positive momentum with the Moving Average Convergence Divergence line crossing above the signal line. This crossover generally suggests a bullish phase for the asset, with potential price action strengthening. Moreover, the asset’s Chaikin Money Flow (CMF) is at 0.10, indicating capital moving into the asset with mild buying pressure and a cautiously bullish sentiment.

BCH chart (Source: TradingView)

Furthermore, the daily relative strength index (RSI) of Bitcoin Cash is positioned at 64.16, suggesting that the asset is gaining strength and may approach overbought territory. The asset’s Bull Bear Power (BBP) value of 27 signals that bulls are currently dominating and pushing prices upward.