Why is Bitcoin Cash Price up Today?

Bitcoin Cash (BCH) is flashing bullish signals, with the price soaring over 26.7% in the past 14 days. Just in the last seven days, BCH has surged by 17.4%, briefly crossing the $500 mark before closing slightly below it. As of writing, BCH trades at $489.86—just 2% under the key psychological resistance.

Is a breakout above $500 next? Let’s dive in.

Bitcoin Cash Price Hits 2-Month High as Volume Spikes

BCH has significantly outperformed broader market expectations this quarter, jumping 62.1% since April. After posting a 20.9% gain in April and a 13.3% return in May, the coin is already up 18.5% in June.

Yesterday, BCH touched $500 for the first time since Jan 17 ($500.16) but failed to hold above it by market close. Still, 24-hour trading volume spiked by 6.3%, fueled by increased institutional interest and overall crypto market volatility.

Between 13:00 and 14:00, the market saw a surge of 152,000 BCH in trades—over 5x the average hourly volume, pushing daily volume to $645.6 million.

BCH Price at $500 Resistance: Bulls Eye Breakout Levels

Technical charts show multiple breakout attempts above $500 in the past 24 hours. Although BCH hasn’t closed above the mark, it currently sits:

• 2.06% below the resistance
  
• 4.02% above the 100-hour SMA at $470.90
  

Analysis suggests that a solid close above $500 could drive BCH to $505 or even $520, unlocking further upside momentum.

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Technical Indicators Confirm Bullish Momentum

The Relative Strength Index (RSI) on the daily chart is at 68.64, indicating that there is still room for further gains before reaching overbought levels.

Meanwhile, the MACD (Moving Average Convergence Divergence) has flipped bullish—another strong signal of potential upward continuation.

Final Thoughts

With strong technicals, surging volumes, and renewed institutional interest, Bitcoin Cash is poised for a major move. If it successfully flips the $500 resistance into support, it could open the door to $520 and beyond.

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