The Bitcoin Cash (BCH) price has surpassed the $500 mark by rising over 10% in the last 24 hours. The market is currently experiencing a strong bullish trend, indicating a positive future for BCH price in the following weeks.

After a period of neutrality, the BCH price surged by 64.02% in just two days but faced rejection at the $508 resistance level. Subsequently, the market traded within a narrow range, showing signs of bearish sentiment.

Amidst growing market volatility, the bulls broke through the support level, leading to a phase of consolidation between $402 and $450 for twelve days. However, the bulls lost momentum, resulting in a negative price movement.

Despite this, the bulls managed to keep the price above the $357 support level, regaining momentum and recording a 58.54% increase in valuation since then.

The MACD technical indicator indicates a consistent bullish sentiment in the market with a rising pattern in averages, implying that the price will likely increase further this week.

Potential BCH Price Movement

If the market drives the BCH price above the $566 resistance level, the bulls will strengthen their position and aim to reach $600 this week. Additionally, if the bullish trend continues, the price may challenge the $650 resistance level in the near future.

Conversely, if the bears take control, the BCH price could lose momentum and drop to the $508 support level. Failure to regain momentum might lead to a further decline to test the $450 support level next month.