- Bitcoin Cash remains under pressure as traders track short-term market direction.
- Strong resistance lies between $620 and $640, with upside potential toward $680.
- RSI is near neutral, and the weakening MACD signal is slowing bearish momentum.
Bitcoin Cash (BCH) is currently trading at $569, and it has declined by 0.55% in the last 24 hours. The token showed a weak daily drop, demonstrating a reserved attitude among traders. With the pullback, Bitcoin Cash remains one of the most actively followed large-cap cryptocurrencies.
Despite the price decline, trading activity has increased. The trading volume has increased by 21.62% and is currently at $256.06 million. The increased volume is an indication of active buyer and seller positioning. Bitcoin Cash was down 5.74% over the past seven days, maintaining short-term sentiment pressure.
Source: CoinMarketCap
Bitcoin Cash Forms Ascending Wedge Near Key Resistance
Analyst Crypto VIP Signal highlighted that Bitcoin Cash is trading in an ascending wedge trend on the chart. This technical structure tends to indicate an impending break or a sudden turnaround. The formation has narrowed down price action as traders remain vigilant.
Source: X
The analyst cited the range of $620 and $640 as a significant resistance area. The region will serve as a major decision point in the market. An impressive breakout beyond this area would initiate new upward momentum in Bitcoin Cash.
Additionally, AltCryptoGems, another analyst, mentioned that Bitcoin Cash is having one of the best charts among the major cryptocurrencies. He noted that further momentum may see the price contest a higher resistance. As per his analysis, a breakout may open a way to the level of $680.
Also Read: Bittensor (TAO) Technical Analysis Highlights Demand Zone Supporting $2,000 Upside
RSI and MACD Signal Neutral Momentum for BCH
From a technical perspective, the Relative Strength Index from the daily chart is close to 52.42. This reading indicates that Bitcoin Cash is above the 50 neutral price point but not as high as overbought positions. It indicates a moderate momentum and restricted direction conviction.
Source: TradingView
The MACD is showing a decreasing pressure on the downside. The MACD histogram is now about -0.86, and the MACD line is at approximately 14.12 with the signal line at 14.98. This structure depicts bearish momentum deteriorating. Nevertheless, it does not verify a bullish crossover.
Open Interest and Trading Volume Increase
CoinGlass data shows a 51.98% increase in trading volume to $680.41 million. The open interest is also up by 1.21% to $664.47 million, representing new positions in the market. The OI-weighted funding rate is -0.0070%, indicating a minor short-side bias.
Source: CoinGlass
However, Bitcoin Cash is in a critical stage. The increase in volume and constant momentum points to the increase in interest expressed by traders. Resistance levels remain important in limiting price movements. A confirmed breakout or rejection will likely determine the next short-term trend.
Also Read: XRP Price Holds Key Support While $3 Liquidity Zone Gains Attention
