Bitcoins expires demonstrated relative strength in the past 24 hours, rising above 1% to challenge a bearish trend line.
The cryptocurrency rose from $561 to $564, testing the trend line connecting the October high with the higher peak reached in September. A break above that would cement the recent price action, which has seen prices rise by $100 since the October 17 crash.
The recent rally is characterized by trading volume rising 45.8% above its 30-day moving average, signaling increased interest. Still, prices faced rejection at $570-571 resistance despite constructive accumulation patterns.
Key insights
- The token established a volatile range-bound structure with a total range of $19.75, representing 3.5% volatility.
- Volume reached a high of 86,909 BCH at 14:00 UTC—158% above session average.
- Prices touched session highs near $570.88 before encountering rejection at the $570-571 resistance zone.
Takeaway
- The above average volume, combined with contained price movement, creates a technical setup where BCH is building a foundation for potential upward movement.
- The muted price response despite elevated trading activity suggests that overhead resistance remains meaningful.
- A decisive breakout above current levels requires sustained buying pressure or broader crypto market momentum.
Key technical levels
Strong support observed near the $551-555 range, while resistance emerged at $570-571 levels during the European session.
Range-bound structure with $19.75 total range (3.5%) shows higher low formations during 60-minute time frame from $562.20 to $563.49
BCH could potentially test the $565-570 resistance zone, with momentum accelerating during the European session, building on the constructive accumulation patterns developed from overnight lows.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
