Bitcoin’s cash price has reached nearly $590, reaching a high of over $604 in the last 24 hours.
BCH is only 1% in 24 hours at the time of writing, but is 18% higher in 30 days.
Bitcoin cash outweighs serious resistance and could see a $1,000 level.
Bitcoin Cash (BCH) has a smaller 18% rise in coins over the past month compared to its top 100 commercial cryptocurrency buddies, rather than one of Crypto Market’s flashy performers.
However, as Ethereum makes headlines as it approaches its history high, Bitcoin cash hovers around key resistance levels that tested the $600 level.
This charge will be driven by an astounding 30% surge in daily trading volumes, allowing BCH’s eyes to earn even more profits towards $1,000. But what is the technical outlook?
Bitcoin Cash retests major pricing levels
The Bitcoin Cash price is currently retesting its highly resistance zone, with its price rising to the mark of around $600.
Over the past 24 hours, BCH has hit a high of $601 on major exchanges, showing a ticking resilience at prices above $590 and highs near the peak of July 604.
The jump to $600 represents a prominent move in BCH. This allows buyers to test the sales wall caps where they previously saw bears appear.
In particular, the 30% surge in trading volume speaks to an increase in market activity.
What’s next for BCH prices: Will the Bulls be able to regain $1,000 in 2025?
BCH prices hit a high of $624 in December 2024 and traded over $1,000 in 2021.
Looking at the technical photos of Bitcoin Cash, the overall outlook is optimistic, with the Bulls turning to flip $600 to a robust support level.
From here you can climb a potential $1,000. In the short term, the supply wall is around $680 and over $764.
The broader market sentiment with fear in the “greed” zone and the vogue of greedy indexes adds to this outlook.
BCH’s technical indicators also match bullish trends. The increase in adoption that investors support in favor of the favorable macroeconomic terms makes this altcoin more likely to continue higher.
However, traders can still trade with caution as profits taking dumps for major altcoins can weaken broader sentiment.
Future inflation data, which closely correlates Bitcoin and stocks, could mean either a sharp surge or a prominent dump.
“The correlation with BTC stocks has been strengthened since mid-July, with rebounds in US stocks bounced back to near record highs. Now attention is expected to move to CPI on Tuesday, with a 2.8% increase from 10 bps,” QCP analysts said. “While softer CPI could solidify the odds of the Fed’s cuts in September, hotter prints risk stalling the gathering. Traders hedge in short-date $BTC demand, the range is between $115,000 and $118,000.”
Bitcoin costs around $118,500, while BCH trades nearly $590.
