BCH Rebounds Strongly from Key Support, Breaking Out of Short-Term Downtrend
Bitcoin Cash (BCH) recorded a strong rebound this week, surging over 13% as bullish momentum returned to the market. The asset’s price climbed from a low near $500 to around $565, supported by a renewed wave of buying interest following a period of consolidation.
The daily chart shows BCH bouncing off a major support zone between $495 and $515, an area that previously acted as a springboard during late August. The token’s quick recovery has now pushed it back toward the mid-range resistance at $560–$580, hinting at growing confidence among traders.
“The price action confirms a strong reaction from demand zones,” said BITX market analyst. “Bitcoin Cash had become oversold, and the move back above $550 suggests short-term traders are regaining control.”
Technically, the rally comes after BCH broke out of a falling wedge pattern, often seen as a bullish reversal signal. This pattern had formed over several weeks as the coin corrected from its early-October highs near $650. The breakout, coupled with increasing volume, indicates that buyers are stepping in at lower levels.
According to BITX experts, “The market found solid footing near $500, and the follow-through buying shows renewed momentum. A daily close above $575 could open the door for a retest of the $620–$650 range.”
Still, the overhead resistance remains significant, with sellers likely defending the upper zone marked between $620 and $660. If the price fails to sustain above $560, BCH could revisit the $510 area, where short-term support remains firm.
The next few sessions will be crucial to confirm whether this rebound evolves into a sustained uptrend or stalls below the resistance ceiling. Analysts agree that maintaining price strength above $550 will be key for continuation.
If momentum persists, Bitcoin Cash could aim for a full recovery toward the $600–$650 region in the coming weeks.
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.