Bitcoin Cash Holds Above $500 After Volume-Driven Morning Rally
Main Idea
Bitcoin Cash (BCH) experienced a morning rally, peaking at $514.24 before consolidating above $500, with increased trading volume suggesting institutional interest.
Key Points
1. BCH rose sharply to $514.24 in early trading before consolidating between $505 and $510.
2. Trading volume spiked to 64,585 units at 02:00 UTC, nearly four times the 24-hour average of 16,708 units.
3. BCH maintained a firm position above the $500 threshold, with support near $505 and resistance near $510.
4. The final hour of trading showed a steady upward bias, with BCH climbing from $505.73 to $506.88.
5. BCH traded within a 2.34% intraday range, between $497.85 and $509.48.
Description
Bitcoin Cash (BCH) traded in a relatively narrow range over the past 24 hours, closing at $505.96 as of 17:13 UTC on July 9, up 0.43%, according to CoinDesk Research's technical analysis model. After opening at $503.82, BCH fluctuated between an intraday low of $497.85 and a high of $509.48, maintaining a firm position above the $500 threshold throughout the session. The most notable price action occurred during early trading hours, when BCH climbed rapidly from $501.54 to a peak of $514.24. Thi...
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