Key takeaways
- BCH is up 4.5% in the last 24 hours and could rally higher amid technical and fundamental support.
- The positive performance comes after Bitcoin Cash tested the support level around $430 over the weekend.
BCH reclaims $450 after creating a low below $440
BCH, the native coin of the Bitcoin Cash blockchain, was on an uptrend last week and broke past the $500 mark for the first time since December 2024. However, the conflict in the Middle East sent the broader crypto market into a bearish frenzy.
The bearish performance saw BCH dump to create a low of $437 over the weekend. However, the market is now bullish thanks to the ceasefire deal between Israel and Iran, with BCH reclaiming the $450 level.
At press time, the price of BCH stands at $478 and could rally higher towards $506 in the short term.
BCH could test the $550 resistance level
The BCH/USD 4-hour chart is bullish and efficient, indicating that the bulls are fully in control after sweeping the low around $440. The technical indicators are extremely bullish, and this could drive BCH’s price to a new 2025 high.
The MACD lines have crossed the neutral zone into the positive territory, indicating a strong buying pressure. The RSI of 59 also shows that buyers are in control. However, the RSI needs to surge to a minimum of 80 to indicate that the BCH/USD pair is oversold.
If the rally continues, BCH will take out last week’s high of $506 and head towards the $550 resistance level. The last time BCH traded at $550 was in December 2024, during the market frenzy heading into President Trump’s second term in office.
In the event of an extended rally, BCH could test the structural liquidity level at $630. However, this could happen if backed by strong fundamental events in the broader cryptocurrency market.
