Technical rebound sparks renewed optimism after sharp correction
Bitcoin Cash (BCH) rose nearly 5% in the last 24 hours, trading around $498 after a notable rebound from a major support zone near $480. The recovery comes after several sessions of heavy selling that pushed the cryptocurrency to a one-month low, raising concerns of a deeper correction.
The daily chart indicates that BCH is attempting to stabilize within a crucial demand zone between $470 and $500, an area that previously served as a launchpad for rallies earlier this year. The current bounce highlights that buyers are stepping in at historically strong price levels, providing temporary relief to the market.
“Bitcoin Cash is showing encouraging signs of recovery after a steep correction,” said BITX market analyst. “A sustained move above $510 could confirm short-term bullish control and potentially open the door to $550 or higher.”
Technical indicators suggest that momentum is gradually improving. Volume increased as prices rebounded, signaling renewed participation from traders. Moreover, BCH is trying to regain its footing after falling below its ascending channel pattern, which had guided the uptrend from April through September.
However, the path ahead remains uncertain. The chart shows major resistance between $550 and $630, a region where multiple rallies stalled in recent months. If Bitcoin Cash fails to reclaim that area, traders warn the price could face another retracement toward $460.
“The $480–$500 area is acting as a battleground between short-term sellers and longer-term investors,” According to BITX market crypto strategist. “If bulls maintain this zone, BCH could reattempt a breakout; otherwise, we might see another round of profit-taking.”
At present, Bitcoin Cash trades around $498, marking a 3.7% daily gain and extending its modest weekly recovery. The near-term outlook will depend on whether bullish momentum can hold above $500 and whether broader market sentiment — led by Bitcoin’s performance — remains supportive.
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.