Bitcoin Cash Up 8%: Can Bulls Push BCH to $250?

Bitcoin Cash (BCH) is showing strong upward momentum, surging by around 8% in the last 24 hours and defying the recent consolidation trend seen in many top crypto assets. The buyers are hoping to see Bitcoin Cash go back up and surge to $250, a price last seen in mid-July. But can this bullish trend continue, and what are the key levels to watch?

Key Support and Resistance Levels

Bitcoin Cash has a solid support zone just below the $230 mark. A key bullish trend line is forming with support near $228 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). For bulls to regain control, BCH must decisively reclaim the $410 level and break through the $414. While the recent gains are encouraging, remember that Bitcoin Cash falls 4% as it tests the $400; highlighting the volatility inherent in crypto markets. The pair must clear $245 and hold that level to sustain its upward trajectory.

Will BCH Continue to Surge?

While optimism surrounds BCH's recent performance, several factors could influence its price movement. Short-term market sentiment could dissuade further gains, although it offers a good risk-to-reward buying opportunity. Given the factors mentioned above, the Bitcoin Cash whales could force a pullback below $250 if they turn bearish. However, the bulls will offer some support at around the $230 range.

The Road to $250 and Beyond

The buyers are aiming for $250. Whether Bitcoin Cash manages to maintain its upward momentum and break through resistance remains to be seen. Keep an eye on trading volume and market sentiment for clues. Stay informed and trade responsibly.