Bitcoin Cash (BCH) is testing a critical resistance level at $465 as traders watch for a breakout toward $500. Analyst Marcus Corvinus highlights a rebound from the $425–$445 demand zone, while derivatives data shows a decline in open interest as the market awaits direction.
Bitcoin Cash (BCH) approaches a key technical resistance at $465, with traders anticipating a potential move toward $500. The cryptocurrency rebounded from the $425–$445 demand zone, where buyers quickly entered the market.
Analyst Marcus Corvinus stated that if BCH can break and hold above $465, it could confirm short-term momentum. However, he outlined an alternative scenario where failure to breach resistance could see a pullback to $440 before another attempt upward.
According to CoinMarketCap, BCH is trading at $460. Trading volume surged 27.44% to $456.37 million, though the token’s price decreased by 7.64% over the past week. Derivatives data from CoinGlass shows futures volume at $529.51 million and open interest at $622.34 million.
Total liquidations over 24 hours amounted to $524.98K, with short liquidations at $416.19K exceeding long liquidations of $108.80K. The token’s funding rate is 0.0074%, indicating a premium paid by long traders.
Technical indicators reflect current bearish pressure. The Relative Strength Index (RSI) is at 38.00, while the Moving Average Convergence Divergence (MACD) line is at -26.43 with a signal line at -21.81. The MACD histogram sits at -4.62, suggesting a narrowing though still negative momentum.
