Home Finance SKN | Bitcoin Cash Gains 1.9% to $518 as Breakout Above $515 Signals Renewed Accumulation
Finance

SKN | Bitcoin Cash Gains 1.9% to $518 as Breakout Above $515 Signals Renewed Accumulation

Share
Share

3 Key Points

  • BCH surged 1.9% to $518.01, with trading volume spiking 158% above average, confirming a strong technical breakout.

  • The token pierced $530 resistance before retracing into a controlled consolidation phase anchored by $515 support.

  • Institutional-style accumulation appears above former resistance levels, with 60-minute data showing steady higher lows despite broader market volatility.

Bitcoin Cash (BCH) extended its upward momentum midweek, climbing 1.9% from $508.32 to $518.01, even as broader crypto markets wrestled with resistance-driven pullbacks. The session saw BCH outperform peers while navigating a $32.78 intraday range, equivalent to 6.4% volatility, according to Research’s technical analysis model.

The breakout was driven almost entirely by technical order flow rather than fundamentals, underscoring the influence of market structure at a time when Bitcoin (BTC) struggled to reclaim the $107,000 zone.

Breakout Driven by Heavy Volume and Controlled Follow-Through

The most decisive move came at 13:00 UTC on Wednesday, when BCH sliced through the $530 barrier on 39.3K tokens traded — an explosive 158% above the 24-hour average. Price briefly tapped $532.16 before drifting into a descending consolidation channel.

While the breakout faded below $530, the session established $515 as a firm support level, a key indication that buyers were absorbing supply rather than abandoning positions.

On Thursday, BCH staged another two-phase surge that underscored the underlying bid. Starting at 02:35 UTC, price jumped from $516.34 to $521.66 on 3,276 units of volume, before a measured pullback returned it toward $518. The pattern reflected repeated retests of $521.50 resistance, suggesting buyers remain active below that level.

Accumulation Signals Strength as Market Softens

Even as major altcoins retreated from key resistance levels and BTC posted a rejection near $107,000, BCH maintained relative strength. The token’s ability to hold above $515 with declining sell-side volume hints at accumulation by larger players or algorithmic strategies prioritizing stability over speculative spikes.

The declining volume during consolidation phases supports this thesis: professional accumulation typically occurs during periods of thinning activity and reduced volatility.

Technical Landscape: Higher Lows Stay Intact

Support & Resistance

  • Primary support: $515.00, confirmed by multiple retests post-breakout

  • Secondary support: $499–503, an area defended during two prior sell-offs

  • Immediate resistance: $521.50, repeatedly rejected on 60-minute charts

  • Major overhead: $530–532, the breakout peak and next bullish target

Volume Dynamics

  • 39.3K breakout volume → strong confirmation of trend expansion

  • Muted pullback volume → signals limited distribution pressure

  • 3,276 units (60-min) → supports continued testing of higher resistance levels

Price Structure

  • Bullish trend preserved with consistent higher lows

  • Descending post-breakout channel points to orderly profit-taking

  • Accumulation behavior visible above key breakout support

Targets and Risk Considerations

  • Immediate objective: Retest of $521.50 with stronger volume confirmation

  • Extended target: Full return to $530–532 if buyers sustain momentum

  • Downside risk:

    • A break under $515 would weaken the bullish thesis

    • A drop below $499 signals a structural trend failure

For swing traders, risk management centers on keeping stops below $499, while momentum traders will focus on a breakout of the $521.50–$522 band for validation of continued upside.

Share

1 Comment

Leave a Reply to Campbell3082 Cancel reply

Your email address will not be published. Required fields are marked *

Don't Miss

SKN | Crypto Market Loses $1.2 Trillion as Investors Shift to Stablecoins

The global crypto market has shed roughly $1.2 trillion in value over the past six weeks, triggering a broad reassessment of risk across the...

SKN | Canada Pushes Ahead With Stablecoin Policy as Parliament Approves Federal Budget

A Budget Vote That Redefines Canada’s Digital Asset Landscape Canada is moving closer to establishing a national stablecoin regulatory framework after Prime Minister...

Related Articles

SKN | NYSE Clears Path for Grayscale’s DOGE and XRP Spot ETFs Launching Monday

The New York Stock Exchange (NYSE) has approved the listing of Grayscale...

SKN | Crypto Market Retreat Deepens as Bitcoin Slides and Sentiment Hits Freeze

The crypto market entered a deeper phase of decline as Bitcoin slipped...

SKN | Zcash Sparks Political Concerns as Analysts Warn of a ‘Split Vote’ Against Bitcoin

A fresh debate erupted today after Bloomberg Senior ETF Analyst Eric Balchunas...

SKN | Crypto Dispensers Eyes $100M Sale Amid CEO’s Money Laundering Indictment

Chicago Operator Explores Exit Amid $10M Illicit Finance Allegations Crypto Dispensers, a...