BCH Fails to Reclaim $600 Resistance Amid Market Volatility
Bitcoin Cash (BCH) decreased by 3% on August 10, dropping to $561 before partially recovering to $579. It failed to reclaim the $600 level, similar to trends seen in other cryptocurrencies like Ethereum and Bitcoin.
Three key factors are influencing BCH's price volatility:
- Tether will cease USDT support for the Bitcoin Cash network on September 1, 2025, which may reduce liquidity and on-chain demand.
- BCH's average transaction size fell 72% in a week, indicating large holders are reducing exposure amid Tether's exit.
- 24-hour trading volume dropped following a rejection at $590, suggesting profit-taking and increased short-term selling pressure.
BCH Price Forecast: $600 Breakout or $550 Pullback Ahead?
Technically, BCH faces resistance between $590 and $600. A breakout above $600 could lead to prices reaching $620 or $650. Conversely, failure to surpass $590 may result in a pullback towards $558, with potential declines to $509 and further to $480 if liquidity decreases rapidly due to USDT redemptions.