Bitcoin branching has demonstrated relative strength over the past 24 hours, rising over 1% to challenge a downtrend line.
The cryptocurrency rose from $561 to $564, testing the trendline that connects the October high to the September high. A breakout above the value would cement the recent price action that has seen prices rise by $100 since the October 17 crash.
The latest rally features trading volume up 45.8% above its 30-day average, signaling increased interest. Yet, prices were rejected at the $570-$571 resistance level despite constructive accumulation patterns.
Key information
- The token has established a range-limited volatile structure with a total range of $19.75, representing 3.5% volatility.
- Volume reached a high of 86,909 BCH at 2:00 p.m. UTC, 158% above the session average.
- Prices reached session highs near $570.88 before being rejected at the $570-$571 resistance zone.
Take away
- The above-average volume, coupled with contained price movement, creates a technical setup in which BCH lays the groundwork for a potential move higher.
- The muted price reaction despite high trading activity suggests that overhead resilience remains significant.
- A decisive breakout above current levels requires sustained buying pressure or broader crypto market momentum.
Key technical levels
Strong support was seen near the $551-$555 range, while resistance appeared at the $570-$571 levels during the European session.
The range-bound structure with a total range of $19.75 (3.5%) shows the formation of higher lows over a 60-minute time frame from $562.20 to $563.49.
BCH could potentially test the $565-$570 resistance zone, with momentum picking up during the European session, building on the constructive accumulation patterns developed from the overnight lows.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
