Bitcoin Cash (BCH) dipped to $452.13 after several attempts to break the $467 resistance level, without success, according to CoinDesk Research’s technical analysis model.
- The asset briefly surged close to this barrier on June 23, gaining nearly 3% with a spike in trading volume but faced rejection shortly after.
- Following these rejections, BCH formed a descending trendline indicating a bearish tone.
What You Need to Know
- BCH was rejected three times at the $467 level after a high-volume surge.
- Strong buying interest at around $450 helped establish a short-term support zone.
- Volatility surged in the final trading hour as BCH formed a V-shape recovery with rising volume.
Technical Insights
- BCH experienced a trading range of $19.76 (4.4%) from $449.61 to $469.63 within 24 hours.
- At 22:00 on June 23, BCH had a near 3% surge on high volume, hitting the $467 resistance.
- Support emerged around $450, with significant volume growth noted between 15:00 and 16:00.
On the regulatory side, Federal Reserve Chair Jerome Powell announced that U.S. banks can now determine their digital asset customer bases without needing prior regulatory approval, easing institutional adoption hurdles and fostering greater crypto integration within traditional finance.
Disclaimer: Portions of this article included AI-generated content reviewed for accuracy.
