Bitcoin Cash Surges to $491.80 as European Buying Pushes Price Through $487 Resistance
Bitcoin Cash (BCH) advanced 3.3% on Wednesday to $491.80, lifted by a wave of European session buying that drove trading activity nearly 78% above its 24-hour average. The move confirmed a decisive breakout above the $487 resistance level, according to CoinDesk Research’s technical model, as bullish momentum strengthened across key trading zones.
The token traded within a $33.36 range, rising from $476.10 to an intraday peak of $495.30 before briefly pulling back to $490.14. A swift recovery to $492.99 highlighted solid buyer support and ongoing accumulation.
Technical Breakdown
- Performance: +3.3% from $476.10 → $491.80
- Intraday Range: $33.36
- Higher Lows: $462.67, $474.27, $479.03
- Breakout Zone: $487.00
- Volume: Peaked at 33,795 units, 78% above average of 13,478
- Session High: $495.30, with repeated tests between 16:00–17:00 UTC
Market Structure
BCH maintained an ascending pattern through the session, setting higher lows as buyers stepped in aggressively above support. The strong follow-through after the $487 breakout suggests sustained interest and controlled volatility despite short-lived retracements.
Support & Resistance Levels
- Support: $490.00 psychological level, $487.00 breakout base, $479.03 higher low
- Resistance: $495.00–$495.30 near-term ceiling
Outlook
If BCH holds above $487, bulls may aim for the $500 mark as the next technical target. The 7% daily range reflects elevated volatility, with price structure and volume patterns both favoring continuation over reversal in the near term.
