Bitcoin Cash (BCH) jumps 7.93%, hitting $460.67 with rising volume and bullish sentiment.
RSI at 63.80 signals momentum without nearing overbought levels.
Bitcoin Cash (BCH) soared nearly 8% today, climbing to $460.67. This upswing pushed its market capitalization to $9.16 billion, marking a 7.91% daily increase. With a fully diluted valuation (FDV) of $9.67 billion and a circulating supply of 19.88 million BCH, investor interest surged.
Additionally, 24-hour trading volume spiked 18.21% to $431.28 million, raising the volume-to-market cap ratio to 4.7%. This uptick reflects strengthened market confidence as bullish sentiment intensifies across large-cap altcoins.
Technical Outlook Signals Bullish Continuation
Technically, BCH approached a breakout formation. On the daily chart, it tested resistance near $464. If this level breaks convincingly, the price may rally toward $485. However, should selling pressure emerge, immediate support lies around $431.
A breakdown below this zone could send the token tumbling to $410. For now, the candlestick structure suggests strong accumulation and continuation of the uptrend. The RSI currently reads 63.80, positioned well above its moving average at 54.76. This divergence confirms strengthening momentum.
Notably, the RSI still resides below overbought territory, leaving ample room for further price appreciation. Simultaneously, the Chaikin Money Flow (CMF) remains positive at 0.12. This figure indicates sustained capital inflow and diminished likelihood of bearish divergence, at least in the short term.
Moreover, moving averages began to reflect bullish alignment. Shorter-duration averages climbed above long-duration ones, signaling a crossover with upward implications. If this pattern persists, traders may witness continued upside volatility.
While overextensions remain possible, BCH’s technicals lean bullish. However, traders must monitor resistance closely. Should momentum falter near $464, a reversal could swiftly ensue. Conversely, breaching that ceiling with volume support could trigger a broader leg higher.
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