- Bitcoin Cash price sits near $590 after climbing above $604 during the past 24 hours.
- While BCH is only up about 1% in the last 24 hours at the time of writing, it has gained roughly 18% over the past 30 days.
- Bitcoin Cash could break above a key resistance level and aim for the $1,000 mark.
Bitcoin Cash (BCH) has not been one of the standout performers in the crypto market; a roughly 18% gain over the last month is modest compared with many peers among the top 100 by market capitalization.
However, as Ethereum attracts attention while approaching its all-time highs, Bitcoin Cash is also hovering around a critical resistance zone after testing the $600 level.
This move, supported by a notable 30% spike in daily trading volume, could give BCH the momentum to push toward the $1,000 threshold. But what do the technical indicators suggest?
Bitcoin Cash retests a key price level
Bitcoin Cash is currently retesting an important resistance area, with its price lingering around the $600 mark.
Over the last 24 hours, BCH reached highs near $601 on major exchanges and has shown resilience, holding above $590 while trading close to July’s peak around $604.
The move toward $600 is significant for BCH because it allows buyers to challenge the upper edge of a selling wall that has previously seen bears step in strongly.
In particular, the 30% jump in trading volume points to increased market activity, suggesting that traders may be positioning themselves for a potential breakout.
What’s next for BCH: Can bulls reclaim $1,000 in 2025?
BCH last reached highs near $624 in December 2024 and was last above $1,000 in 2021.
Looking at Bitcoin Cash’s technicals, the outlook appears constructive, with bulls aiming to flip $600 into solid support.
From there, a move toward $1,000 is plausible. Near-term resistance sits around $680 and $764; clearing those levels would increase the likelihood of a push toward $1,000 and beyond.
Broader market sentiment — currently in the “Greed” zone on the Fear & Greed Index — also supports these bullish possibilities.
Technical indicators for BCH align with an upward trend. Growing adoption, combined with favorable macroeconomic conditions that have attracted investor interest, gives this altcoin a reasonable chance to continue higher.
That said, traders should remain cautious: profit-taking in larger altcoins could weaken overall sentiment.
Upcoming inflation data, and Bitcoin’s correlation with equities, could trigger either a sharp rally or a notable sell-off.
“BTC’s correlation with equities has tightened since mid-July, mirroring the recovery of US stocks to near-record highs. Attention now turns to Tuesday’s consumer price index, which is expected to rise by 10 basis points to 2.8%,” QCP analysts said. “A softer CPI could increase the likelihood of a Fed cut in September, while a hotter print could halt the rally. Traders are hedging short-term $BTC demand around $115–118k.”
Bitcoin price is hovering around $118,500 while BCH trades near $590.