Bitcoin Cash Holds Above $500 After Volume-Driven Morning Rally

Bitcoin Cash (BCH) traded in a relatively narrow range over the past 24 hours, closing at $505.96 as of 17:13 UTC on July 9, up 0.43%, according to CoinDesk Research’s technical analysis model.

After opening at $503.82, BCH fluctuated between an intraday low of $497.85 and a high of $509.48, maintaining a firm position above the $500 threshold throughout the session.

The most notable price action occurred during early trading hours, when BCH climbed rapidly from $501.54 to a peak of $514.24. This move coincided with a burst in trading volume, which reached 64,585 units at 02:00 UTC—nearly four times the 24-hour average of 16,708 units—suggesting accumulation by large holders. Following this surge, the price consolidated in a tighter band between $505 and $510, repeatedly testing support near $505 and resistance near $510 without breaking out in either direction.

In the final hour, BCH exhibited a steady climb off a brief dip to $505.73, progressing to $506.88 by session close. A series of higher lows during this interval further emphasized the market’s bullish lean, though activity remained muted, indicating disciplined positioning rather than speculative trading.

Technical Analysis Highlights

• BCH traded within a 2.34% intraday range, between $497.85 and $509.48.
• Pre-dawn breakout reached $514.24 before settling into consolidation.
• Volume spiked to nearly 4x average at 02:00 UTC, suggesting accumulation.
• Support held near $505, while resistance capped near $510.
• Final hour showed steady upward bias on light trading activity.

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