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Bitcoin Cash price forecast: BCH steady despite profit taking
- Bitcoin Cash (BCH) price remains stable above $470 despite profit-taking in the market.
- There is a possibility for BCH to reach December 2024 highs near $640 if it breaks above $500.
- However, failure to move decisively past $500 may lead to further declines, especially if bearish momentum strengthens.
- BCH is trading slightly below $470, down 0.3% for the day, outperforming other major altcoins that have seen larger declines.
- The total cryptocurrency market capitalization has decreased by 1.5% to $3.26 trillion, reflecting a broader retreat in global risk assets.
- Bitcoin Cash has demonstrated resilience despite increased profit-taking, geopolitical uncertainties, and macroeconomic pressures affecting investor sentiment.
- Recent military tensions between Israel and Iran have contributed to market volatility, impacting cryptocurrencies like BCH and Bitcoin.
- BCH recently pulled back from multi-week highs near $480 due to profit-taking seen across the market.
- The US Senate's approval of the GENIUS Act brings positive developments, but overall uncertainty persists, leading to cautious investor behavior.
- Bulls are defending the $400 support level for BCH within an ascending triangle pattern, hinting at a potential bullish breakout.
- Open Interest (OI) in BCH futures has risen by 2.8% to $487 million, indicating continued trader confidence.
- Technical indicators show optimism for BCH, with the RSI at 65 indicating sustained bullish momentum and the MACD signaling a bullish crossover.
- If BCH surpasses the $500 resistance level, the next target could be the December 2024 highs of $640, potentially triggering a broader rally.
- Strong support levels exist at $400 and $375, with a breach below these levels potentially intensifying bearish pressure, especially if Bitcoin drops below $100k.
- Overall, Bitcoin Cash price remains resilient in the face of profit-taking and market uncertainties, showcasing potential for bullish momentum.
- Despite recent fluctuations, BCH's technical indicators and support levels suggest a balanced outlook for potential price movements.
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