Bitcoin Cash (BCH) traded within a relatively narrow range over the past 24 hours, closing at $505.96 as of 17:13 UTC on July 9, with an increase of 0.43%, according to the technical analysis model from CoinDesk Research.
After opening at $503.82, Bitcoin Cash oscillated between its daily low of $497.85 and its daily high of $509.48, maintaining a strong position above the $500 threshold throughout the session.
The most notable price movement occurred during the early trading hours, when Bitcoin Cash rose.
quickly from $501.54 to a peak of $514.24. This movement coincided with a sharp increase in trading volume, which reached 64,585 units at 02:00 UTC - nearly four times the 24-hour average of 16,708 units - indicating significant accumulation by investors. After this surge, the price stabilized in a narrow range between $505 and $510, repeatedly testing the support level near $505 and the resistance near $510 without breaking in either direction.
In the last hour, the price showed a steady increase after a brief drop to $505.73, advancing to $506.88 at the session close. A series of higher lows during this period confirmed the bullish market trend, although activity remained subdued, indicating disciplined positioning rather than speculative trading.
Technical analysis highlights
BCH's price traded within a daily trading range of 2.34%, between $497.85 and $509.48.
The price breakout before dawn reached $514.24 before stabilizing in a consolidation state.
Trading volume surged to nearly four times the average at 02:00 UTC, indicating accumulation.
The support level stabilized near $505, while the resistance level stabilized near $510.
The last hour showed a steady upward trend amid light trading activity.