Bitcoin Cash Surges 6.4% While Defending Critical Support Level
The cryptocurrency market faces challenges due to geopolitical tensions, but Bitcoin Cash (BCH) shows resilience. Recent performance indicates a V-shaped recovery after testing support at $391.656, backed by significant buying volume.
Key factors impacting the market include:
- Ongoing US-China trade disputes introducing uncertainty in financial markets.
- Rising US Treasury yields indicating systemic stress affecting risk assets like cryptocurrencies.
Technical Analysis Highlights
- BCH tested support at $391.656, triggering substantial buying volume between 01:00-04:00.
- A breakout occurred during the 13:00 hour, with BCH increasing to $416.958 on high volume (28,068 units).
- A new resistance-turned-support level established at $409.800 suggests potential for continued upside.
- A bull flag pattern formed after initial gains, with decreasing volume during consolidation indicating continuation potential.
- The $413.000-$413.500 zone is critical for bulls to maintain upward momentum.