Bitcoin Cash (BCH) struggled to maintain upward momentum on Tuesday, ending slightly lower by 0.54% at $452.13, after facing three consecutive rejections at the key $467 resistance level. Despite high-volume rebounds, the token failed to break through, reflecting increasing short-term selling pressure and market uncertainty.
$467 Becomes a Wall for Bulls
Bitcoin Cash surged nearly 3% late on June 23, briefly touching $467 during a high-volume spike, but quickly reversed. The rejection at this level repeated twice more, confirming strong resistance and signaling profit-taking by short-term traders. This behavior resulted in the formation of a descending trendline with lower highs, adding to the short-term bearish tone.
“The triple rejection at $467 marks it as a critical barrier. Any break above it would require sustained buying momentum and macro support,” noted one analyst.
Support Holds Around $450
Amid the volatility, BCH found strong buyer interest around the $450 level, which has now become a short-term support zone. The price fluctuated within a $19.76 range (4.4%) during the day, from $449.61 to $469.63, with notable volume accumulation between 15:00–16:00, reinforcing this floor.
In the final trading hour, BCH displayed a V-shaped micro-recovery, bouncing from $449.94 to $451.31, supported by a sharp increase in volume, especially during 18:30–18:32.
Regulatory Boost Not Enough to Sustain Rally
Despite the technical weakness, macro news provided some optimism. Federal Reserve Chair Jerome Powell announced a key policy shift, allowing U.S. banks to serve digital asset clients without prior regulatory approval. This move could accelerate institutional crypto adoption, but in BCH’s case, market sentiment and resistance pressure outweighed the bullish implications in the short term.
Technical Outlook
- Resistance: $467 (confirmed by triple rejection)
- Support Zone: $449–$451 (retested multiple times)
- Trend: Short-term bearish with lower highs
- Volume: Elevated during both pullback and recovery phases
Conclusion: Cautious Optimism, But Bulls Need to Break $467
Bitcoin Cash remains range-bound, with strong overhead resistance at $467 and support near $450. If BCH can break above $467 on strong volume, a push toward $480+ is possible. However, failing to hold $450 support could expose the asset to a deeper correction toward $438–$440.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.