Bitcoin Cash Extends Rally to $491.80 as European Buyers Drive Breakout Above $487

Bitcoin Cash (BCH) climbed 3.3% to $491.80 in Wednesday’s session, fueled by strong European trading activity that pushed volume 78% above the 24-hour average. The move came as buyers consistently stepped in at higher lows — $462.67, $474.27, and $479.03 — signaling a firm uptrend and reinforcing bullish market structure, according to CoinDesk Research’s technical analysis model.

The breakout above $487 occurred during the European session, with sustained demand propelling prices toward a $495.30 intraday high before a brief $3.20 pullback to $490.14. The dip was quickly absorbed, and BCH rebounded to trade around $492.99 by session close.

Key Technical Highlights

• Price Action: Advanced from $476.10 to $491.80 (+3.3%)
• Intraday Range: $33.36
• Higher Lows: $462.67 → $474.27 → $479.03
• Breakout Zone: Cleared $487.00 on heavy European session volume
• Volume Surge: Peaked at 33,795 units (vs. 13,478 24-hour average, +78%)
• High/Low Dynamics: Price tested $495.30 multiple times between 16:00–17:00 UTC

Pattern Overview

BCH’s chart structure shows a clean ascending trend. The coin broke through resistance at $487 on robust participation, then briefly corrected before resuming upward momentum. Consistent higher lows and quick recoveries from minor dips underscore solid buyer conviction.

Support and Resistance Levels

• Support: $490.00 (psychological level), $487.00 (breakout base), $479.03 (higher low)
• Resistance: $495.00–$495.30 (session high and rejection zone)

Targets and Risk Setup

• Upside Target: Initial target at $495.30; potential extension toward $500.00 if momentum holds
• Risk Level: Bullish structure remains valid above $487.00 support
• Market Context: The 7.0% daily range reflects strong volatility and favorable risk/reward for continuation