Bitcoin Cash (BCH) Price Analysis: Is the $640 Resistance About to Shatter?
Bitcoin Cash is knocking on the door of a major price milestone. The $640 level looms large—a barrier that's held firm and now faces its most serious test in months. Traders are watching the charts, looking for the signal that could trigger the next leg up.
The Technical Battlefield
Every resistance level tells a story of supply and demand. The $640 zone isn't just a number; it's a collective memory of past sell-offs and profit-taking. Breaking it requires more than momentum—it needs conviction. Volume patterns and on-chain activity are the real tell, far more than the hopeful chatter on social feeds.
Market Mechanics in Play
Watch the moving averages. Watch the order books. A clean breakout above $640 with sustained volume changes the game entirely, potentially flipping that old resistance into a new foundation for growth. Failure here, however, could mean another frustrating consolidation phase—the kind that tests the patience of even the most devout holders.
The Bigger Picture
This isn't just about a price point. It's about Bitcoin Cash reasserting its utility narrative in a crowded field. A successful breach could attract fresh capital looking for assets with proven networks and real-world use cases, not just speculative vaporware dressed up in decentralized clothing.
The setup is there. The question remains: does the market have the stomach to push through? Sometimes, the most formidable resistance isn't on the chart, but in the mindset of traders conditioned by past cycles. After all, in crypto, the only thing more predictable than a hype cycle is the amnesia that follows the next dip.
Bitcoin Cash Forms Ascending Wedge Near Key Resistance
Analyst Crypto VIP Signal highlighted that bitcoin Cash is trading in an ascending wedge trend on the chart. This technical structure tends to indicate an impending break or a sudden turnaround. The formation has narrowed down price action as traders remain vigilant.
The analyst cited the range of $620 and $640 as a significant resistance area. The region will serve as a major decision point in the market. An impressive breakout beyond this area WOULD initiate new upward momentum in Bitcoin Cash.
Additionally, AltCryptoGems, another analyst, mentioned that Bitcoin Cash is having one of the best charts among the major cryptocurrencies. He noted that further momentum may see the price contest a higher resistance. As per his analysis, a breakout may open a way to the level of $680.
RSI and MACD Signal Neutral Momentum for BCH
From a technical perspective, the Relative Strength Index from the daily chart is close to 52.42. This reading indicates that Bitcoin Cash is above the 50 neutral price point but not as high as overbought positions. It indicates a moderate momentum and restricted direction conviction.
The MACD is showing a decreasing pressure on the downside. The MACD histogram is now about -0.86, and the MACD line is at approximately 14.12 with the signal line at 14.98. This structure depicts bearish momentum deteriorating. Nevertheless, it does not verify a bullish crossover.
Open Interest and Trading Volume Increase
CoinGlass data shows a 51.98% increase in trading volume to $680.41 million. The open interest is also up by 1.21% to $664.47 million, representing new positions in the market. The OI-weighted funding rate is -0.0070%, indicating a minor short-side bias.
However, Bitcoin Cash is in a critical stage. The increase in volume and constant momentum points to the increase in interest expressed by traders. Resistance levels remain important in limiting price movements. A confirmed breakout or rejection will likely determine the next short-term trend.
