Bitcoin Cash price has significantly increased, reaching $595.30 with a 4.53% rise in the last 24 hours. Weekly increase stands at 6.99%, boosting market cap to $11.86 billion.
Reasons for BCH Price Increase
The recent price rally is attributed to Tether's decision to continue supporting USDT tokens on the Bitcoin Cash SLP platform. Maintaining compatibility was seen as a vote of confidence in BCH's utility as a payment-focused blockchain, alleviating liquidity concerns and triggering speculative buying.
Bitcoin Cash Price Analysis
BCH has broken above the $572 resistance level. On the 4-hour chart, the price is holding around $595, just below immediate resistance at $606.9. A confirmed close above this zone could open the path to $664. The accumulation of 66,000 BCH by whales, amounting to $39.4 million, also indicates bullish sentiment.
Frequently Asked Questions about BCH
There are concerns about potential short-term pullbacks, but the overall bullish trend remains supported by whale activity and renewed USDT utility. Key support levels are at $558 and $551, with immediate resistance at $607 and a potential upside target near $664.
The upcoming sessions will determine whether BCH can sustain its breakout and test higher Fibonacci levels.
