Bitcoin Cash
BCH$585.46 extended its recent rally on Sunday, rising 5.25% to $583.64 as of 08:54 GMT, according to CoinDesk data. The token has now gained 10.5% over the past week, 15.7% over the last two weeks and 17.3% over the past 30 days.
Sunday’s breakout has caught the attention of several technical analysts, who flagged bullish signs in both price action and trading structure.
Analyst “CW” noted that BCH is “breaking through the sell wall” — a term traders use to describe a heavy concentration of sell orders at a specific price level. When price breaks through such a wall, it often signals that buyers are absorbing that supply and that upward momentum could accelerate. CW pointed to $620 as the next potential target if this breakout holds.
Another analyst, “Ultimae GL,” focused on the long-term chart, observing that BCH had cleared a resistance level that had held for an extended period. Long-term resistance typically refers to a price ceiling that has rejected upward moves on multiple occasions. When that barrier is broken, it may signal the beginning of a new upward trend. Ultimae GL cautioned that traders might want to wait for a “decisive breakout” — which usually means a strong daily close above the resistance — before entering, but still projected that BCH could climb as high as $680 in the near future.
A third analyst, “XForceGlobal,” described the current price structure as highly bullish. They noted that BCH has stayed above its so-called “base trendline” for about a month. A base trendline is a diagonal line connecting the series of higher lows in an uptrend, and continued price movement above it suggests that buyers are consistently stepping in at higher prices—another sign of building strength. The analyst described the rally as “not just good news,” but “fantastic,” given the sustained buying activity.
Bitcoin Cash, a fork of bitcoin that launched in 2017, is designed to serve as a peer-to-peer digital currency with faster, cheaper transactions. Its recent upward trajectory, combined with accelerating volume and bullish chart setups, has renewed interest from both retail and technical traders.
Technical Analysis Highlights
- According to CoinDesk Research's technical analysis data model, BCH gained 5.62% in the 24-hour period from July 26 at 09:00 UTC to July 27 at 08:00 UTC, rallying from $554.54 to $584.66 within a $33.61 intraday range.
- Two major volume spikes occurred at 01:00 and 06:00 UTC on July 27, with volume peaking at 80,230 and 120,748 units, respectively.
- Support zones have emerged at $556–$558 and $568–$570 following consolidation; short-term resistance is established near $585.
- In the final trading hour, BCH rose an additional 0.46%, reaching an intraday high of $584.95. Fresh support formed at $583–$584, suggesting ongoing bullish momentum.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
