BCH struggles near $620 while traders eye key support levels
Bitcoin Cash (BCH/USDT) faced a sharp 7% decline, pulling back from the $620 resistance zone after an extended uptrend. The rejection at this critical level highlights the strength of supply pressure that has capped multiple attempts to break higher in recent weeks.
The daily chart shows BCH has been trading inside a rising channel pattern since April, marking a consistent series of higher lows and higher highs. However, the latest rejection from the upper trendline and the supply zone between $620 and $660 triggered a swift pullback.
At press time, BCH is trading near $602, with immediate downside risks pointing toward $560–$580, a zone that previously acted as a consolidation base. Further weakness could extend toward $500 support, where buyers have historically stepped in.
BITX market analyst noted, “The rejection from $620 shows that BCH is still trapped within a supply-heavy zone. Unless bulls manage a strong breakout above $660, the upside remains capped.”
Volume data indicates that the recent decline was accompanied by above-average selling activity, suggesting that traders booked profits after BCH’s multi-week climb. Despite the correction, Bitcoin Cash remains one of the stronger-performing large-cap altcoins in recent months, supported by a nearly 80% rally year-to-date.
According to BITX, “Bitcoin Cash is still inside its ascending channel, meaning the broader trend remains intact. What matters now is whether bulls can defend $560 to keep momentum alive.”
For the short term, BCH bulls need to protect the $560–$580 demand zone to avoid deeper losses. A recovery above $620 could reignite bullish momentum, potentially targeting $700 if resistance levels are cleared.
However, failure to hold channel support may trigger a bearish reversal, opening the path back toward $500. For now, Bitcoin Cash remains in consolidation after rejection at key resistance, leaving traders cautious but watchful of the next breakout attempt.
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.