- Bitcoin price stalls below $570 amid rising trading volumes.
- Lifeline support rests at $520 and $510 respectively.
Bitcoin Cash is the 4th largest crypto in the market with a market cap of $9.7 billion. The data on CoinMarketCap indicates a growth both the market cap and the trading volume. The volume deflated to $282 million on August 23 but is currently at $388. Bitcoin Cash price bulls are still in control but they lack a catalyst to sustain gains towards $600. The price recently declined to trade lows at $514.87 but the bulls entered stopping the downtrend.
On the other hand, the upside gains encountered significant hurdles at $530 and $540 respectively. However, a technical break above the 23.6% Fib retracement level taken between a high of $613.05 and a low of $502.87 triggered a spike that overcame the resistance at $540. Bitcoin Cash gains continued above $560 but the bears are still capping the gains at $570.
Bitcoin Cash is trading at $566 on Wednesday afternoon (GMT). In spite of the positive signals, the trading is virtually mundane. A break above $570 could test the critical resistance at $580 and in the medium-term retrace towards the coveted $600. The above technical hurdles must be broken for Bitcoin to witness a Bull Run heading to $600. The former resistance turned support levels at $560 and $540 will stop declines if the bears regain control. Both the 50 SMA and the 100 SMA will offer support marginally below $540. The key support rests at $520 and $510.
BCH/USD 4-hour chart
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