Bitcoin Cash (BCH) surged to a two-month high near $499 on Thursday, fueled by growing institutional interest and shifting dynamics in the crypto market. As uncertainty looms over traditional assets, investors are increasingly seeking opportunities in mid-cap tokens like BCH, driving it close to the psychologically significant $500 mark—a level it last approached during an unsuccessful breakout in April.
Market Drivers
- Renewed trade tensions between the U.S. and China are rattling global markets, with fresh tariffs targeting high-tech industries and weighing on broader investor confidence.
- The resulting volatility has sparked a flight to alternative assets, with digital currencies like Bitcoin Cash benefiting from the shift.
- The Federal Reserve remains steadfast in its hawkish stance, maintaining interest rates between 4.25% and 4.50% and signaling further tightening—a backdrop that’s keeping traditional risk assets under pressure.
- Once overshadowed by larger-cap cryptocurrencies, Bitcoin Cash is drawing renewed attention for its scalability, fast transaction speeds, and solid technical support above $400.
Price Movement
BCH rallied from $461.87 to a session high of $492.08 over the past 24 hours, buoyed by strong buying momentum. The most significant gains occurred between 13:00 and 14:00, when trading volume exploded to over 152,000 units—more than five times the usual hourly average—indicating potential institutional buying.
Although BCH made several attempts to breach the $500 level, it faced stiff resistance, dipping briefly to $490.46 in early trading. A quick selloff around 04:51 sent prices to $491.47 before buyers stepped back in, stabilizing the coin above $485 and consolidating just below the key threshold.
Technical Picture
- BCH recorded a 6.5% daily gain, surging from $461.87 to $492.08.
- The rally was confirmed by a dramatic fivefold increase in hourly trading volumes, peaking at 152,140 units.
- Prices broke decisively above long-term resistance around $472 and held firm above the 100-hour simple moving average.
- The $500 level continues to act as strong psychological resistance.
- Support is emerging around $490.46, with consolidation seen between $485 and $492.
- Technical indicators remain positive, with the RSI elevated but leaving room for further upside, and the MACD signaling a bullish trend.
- A decisive break above $500 could open the path toward targets in the $505–$520 range heading into the third quarter.
