Bitcoin Cash Holds Steady Above $500 After Early Surge Signals Institutional Interest
Bitcoin Cash (BCH) remained comfortably above $500 on July 9, buoyed by an early rally that hinted at possible institutional buying.
The cryptocurrency spiked as high as $514.24 during the morning hours before settling into a narrower trading range between $505 and $510—a zone suggesting quiet accumulation rather than wild volatility.
By 17:13 UTC, BCH was trading at $505.96, reflecting a 0.43% gain over the past 24 hours, according to CoinDesk Research’s technical analysis. Throughout the day, the $500 level proved a reliable support, helping to stabilize price action.
BCH opened the session at $503.82 and quickly gathered momentum, jumping from $501.54 to its intraday high of $514.24. This surge came alongside a significant spike in trading volume, with 64,585 BCH changing hands at 02:00 UTC—almost four times the usual daily average of 16,708 units. Such a spike often points to larger players entering the market.
After this initial burst, the price entered a phase of consolidation, trading within the $505 to $510 range. The sideways action suggested a more strategic pause, as traders assessed market conditions rather than engaging in speculative swings.
In the session’s final hour, BCH managed a modest recovery from a dip to $505.73, edging up to $506.88 by the close. The pattern of higher lows during this period indicated a mild bullish bias, though trading volumes tapered off, supporting the notion of measured accumulation rather than aggressive buying.
Technical Summary:
- Intraday Movement: BCH traded within a 2.34% band, with lows at $497.85 and highs at $509.48.
- Morning Rally: Price briefly reached $514.24 before stabilizing.
- Volume Spike: A peak volume of 64,585 units at 02:00 UTC was nearly four times the daily average.
- Support & Resistance: Solid support held near $505, while resistance capped gains around $510.
- Closing Action: Higher lows formed into the close, hinting at continued buyer interest despite lighter volume.
