European Traders Drive Bitcoin Cash Past $487 Barrier, Lifting Price to $491.80

Bitcoin Cash Climbs to $491.80 as European Buying Pushes Price Through $487 Resistance

Bitcoin Cash (BCH) advanced 3.3% on Wednesday to $491.80, lifted by strong European session buying that drove trading volume 78% above the 24-hour average. According to CoinDesk Research’s technical analysis model, the move confirmed a breakout above the $487 resistance zone, supported by a series of higher lows at $462.67, $474.27, and $479.03.

The session saw BCH trade within a $33.36 range, climbing from $476.10 to an intraday peak of $495.30 before briefly slipping $3.20 to $490.14. Buyers quickly absorbed the pullback, with prices rebounding to $492.99 by session end.

Technical Highlights

Gain: +3.3%, from $476.10 to $491.80
Range: $33.36 intraday
Higher Lows: $462.67 → $474.27 → $479.03
Breakout Level: $487.00
Volume: Peaked at 33,795 units (+78% vs. 24-hour average of 13,478)
High Tests: Multiple attempts to clear $495 between 16:00–17:00 UTC

Trend Overview

BCH maintained an ascending structure throughout the session, with buyers stepping in at progressively higher levels. The clean breakout above $487, followed by quick recovery from minor dips, highlighted strong momentum and steady accumulation.

Support & Resistance Levels

Support: $490.00 (psychological), $487.00 (breakout zone), $479.03 (higher low)
Resistance: $495.00–$495.30 (session top and rejection area)

Outlook and Risk Considerations

Upside Target: Immediate goal near $495.30, with potential extension above $500.00 if buying pressure persists
Risk Level: Structure remains bullish while holding above $487.00
Market Context: A 7% daily range reflects heightened volatility and constructive risk/reward dynamics

(All timestamps in UTC.)