Bitcoin Cash Extends Gains to $491.80 as Strong European Session Buying Drives Breakout Above $487
Bitcoin Cash (BCH) climbed 3.3% to $491.80 on Wednesday, buoyed by strong European session demand that pushed trading activity 78% above its 24-hour average. The rally marked a clear breakout above the $487 resistance level, with buyers maintaining control throughout the session, according to CoinDesk Research’s technical analysis data model.
BCH traded in a $33.36 intraday range, advancing from $476.10 to a high of $495.30 before briefly pulling back to $490.14. The dip was quickly absorbed as prices rebounded to $492.99, signaling firm support and sustained bullish momentum.
Key Technical Metrics
- Performance: +3.3% from $476.10 → $491.80
- Range: $33.36 intraday
- Higher Lows: $462.67, $474.27, $479.03
- Breakout Level: $487.00
- Peak Volume: 33,795 units (78% above average of 13,478)
- Session Highs: Multiple rejections near $495 between 16:00–17:00 UTC
Trend & Structure
BCH continued to build on an ascending pattern, with buyers stepping in at progressively higher lows. The breakout above $487 on strong participation signaled growing confidence, while quick absorption of minor pullbacks kept the structure intact.
Support & Resistance Zones
- Support: $490.00 (psychological), $487.00 (breakout base), $479.03 (higher low)
- Resistance: $495.00–$495.30 range remains the near-term ceiling
Market Outlook
Momentum favors continuation toward the $500 level, provided BCH holds above $487 support. A decisive break above $495 could trigger further upside, while a failure to maintain that zone risks short-term consolidation. Elevated volume and a 7% daily range point to robust volatility and trader engagement.
