Bitcoin Cash (BCH) has shown renewed bullish momentum, showing a price surge as it benefits from renewed confidence and growth across the broader crypto market. Now, the market has turned from a bearish to a bullish phase and started its recovery. If the breakout holds, the price may advance toward $690.
At the time of writing, BCH is trading at $553.94 with a 24-hour trading volume of $316.07 million and a market capitalization of $11.03 billion. The BCH price over the last 24 hours and over the last week is showing signs of stability.
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A prominent crypto analyst, Rose Premium Signals, highlighted that Bitcoin Cash (BCH) has delivered a powerful move in line with technical expectations, rewarding early-positioned bulls. After the breakout of a wedge formation, the altcoin surged above resistance levels, confirming the bullish setup and yielding strong returns.
Last week, BCH hit its Target 2 (T2) at $608.3, a key milestone in this rally. Investors who entered at the $400–$420 accumulation zone now enjoy a gain of around +50%, a strong validation of the breakout strategy. Beyond verifying the accuracy of this wedge breakout, the rally also provided strong confidence in BCH’s near-term direction.
After crossing T2, attention has shifted swiftly towards the next major resistance. Investors and technicians are now gazing towards Target 3 (T3) at the $690.3 level, which should further cement BCH’s bullish direction if buying pressure remains strong.
A successful move towards this zone may pave the way towards further upswings, enabling continuation of the bullish cycle for the coin.
Derivatives market data show mixed signals. Open interest fell 3.11% to $537.32 million as active positions fell with participants closing contracts. That was mirrored by a sharp drop in trading volume by 30.38% to $389.99 million as activity in the marketplace softened with participants easing up on recent volatility.
Additionally, the OI-weighted funding rate stayed at 0.0092%, which shows minimal bias between longs and shorts. Such neutrality would indicate consolidation within the marketplace as investors are waiting for a clear direction before injecting fresh money.
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