Bitcoin Cash (BCH) is moving in a bearish to neutral setup, following BTC’s consolidation around $70K after a long downward period. The BCH price has surged by 1.11% over the last 24 hours but is showing signs of stability over the last week.
According to CoinMarketCap, as of Thursday, March 12, BCH is trading at $457.99, supported by a trading volume of $243.78 million, down by 18.17% over the last 24 hours. Furthermore, its market capitalization stands at $9.16 billion, which is stable.
Source: CoinMarketCap
Also Read: BCH Price Surges: Is Bitcoin Cash Ready to Target $965 and Beyond?
However, the crypto analyst, Alpha Crypto Signal, revealed that Bitcoin Cash (BCH) is holding strong above its ascending trendline support, showing resilience after multiple touches.
This repeated bounce signals buyers are stepping in to defend key levels, reinforcing bullish sentiment. The trendline’s stability suggests the market recognizes it as a critical support point, keeping $BCH’s upward momentum intact.
Source: Alpha Crypto Signal’s X Post
At the same time, BCH may be tracing a double bottom chart pattern, indicating weakening bearish pressure. This common reversal pattern may be indicating that buyers are controlling the price action.
As long as the trend holds, the price may be on course to hit $500, with traders likely viewing any dips as opportunities to go long on the token.
According to TradingView, the Relative Strength Index (RSI) is at 59.73. This indicates that the asset has a light bullish bias without being overbought.
Recently, it has been able to break past its signal line of 53.07. This is an indication that buyers are gaining confidence. This indicates that the asset is gaining strength after its sideways movement and could continue the ongoing price trend.
Source: TradingView
The MACD indicator is indicating a bullish crossover because the MACD is at 1.18 and rising above the signal line, which is at 0.68. The histogram is reflecting the same by going green, indicating a positive move.
Both lines are rising further into the positive zone, indicating that the short-term trend is strengthening and favoring the bulls for the time being.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: BCH Faces $620 Test: Can Bulls Reclaim Support or Will Bears Take Control?
