Summary
Bitcoin Cash (BCH) soared above $480 on Tuesday due to a surge in 24-hour trading volume rising 22% over its monthly average, demonstrating resilience in the face of overall market volatility and international pressures.
Key Highlights
- BCH increased 3.15% to $480.10, bouncing back from a $454 support level following increased buying activity that pushed through $465.
- The trading volume in the past day exceeded the 30-day average by 21.98%, which confirmed strong buyer interest, particularly during the New York morning session.
- Despite declining trends in broader crypto markets and rising U.S.-China trade tensions, BCH managed to maintain its upward trajectory, reclaiming previously lost levels and showing consistent buying support.
Detailed Analysis
- BCH traded within a 24-hour range of $454.16 to $469.06, reflecting a 3.26% swing.
- Initial drops to $454 on higher-than-usual volume were reversed as buyers established a base layer between $455 and $458.
- Volume spikes between 08:00 and 10:00 UTC indicated increasing buyer interest, aiding the price rise toward $468 resistance.
- A significant breakout occurred from $462.75 to $468.77, propelled by strong buying momentum right before market close.
Conclusion
Amid decreased overall crypto market capitalization and external pressures, BCH exhibits apparent resilience with increasing trading volumes and solid buyer engagement, setting the stage for potential future gains.
