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Bitcoin Cash Price Momentum Builds, Will Continued Buying Pressure Push BCH to New Highs?
- Bitcoin Cash (BCH) experienced a 5% surge, reaching $491, with a significant increase in daily trading volume.
- The broader crypto market has been fluctuating between red and green charts, with Bitcoin and Ethereum trading around $104K and $2.5K respectively.
- Bitcoin Cash broke through critical resistance levels between $459.55 and $498.47, hitting a daily high of $500.11 before settling around $491.31, marking a 5.93% increase.
- BCH's market cap stands at $9.76 billion, with a 94.97% surge in daily trading volume, reaching $764 million.
- The weekly price chart for Bitcoin Cash shows a 20.72% surge, with the asset's price moving from $405 to the current levels.
- A positive breakout for Bitcoin Cash could propel the price towards testing key resistance at $500, potentially leading to a golden cross formation aiming at $511.30.
- Failure to surmount key resistance may result in consolidation around $480, possibly triggering a decline if bears take control.
- Technical analysis reveals positive momentum for BCH, with the Moving Average Convergence Divergence indicating a bullish phase and the Chaikin Money Flow suggesting mild buying pressure.
- Bitcoin Cash's daily RSI stands at 64.16, hinting at strength and a potential move towards overbought conditions, while the Bull Bear Power value of 27 indicates bullish dominance.
- The article covers the positive price action and technical analysis for Bitcoin Cash amidst the fluctuations in the broader crypto market.
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