Bitcoin's Offshoot, BCH, Edges Up 1% to Challenge Downtrend

Core Insights - Bitcoin Cash (BCH) has shown relative strength, rising over 1% in the past 24 hours, challenging a bearish trendline [1] - The cryptocurrency's price increased from $561 to $564, marking a $100 rise since the crash on October 17 [1] - Trading volume surged by 45.8% above the 30-day average, indicating increased market interest [2] Technical Analysis - Strong support is observed in the $551-555 range, while resistance is noted at $570-571 during the European session [5] - The price movement has established a range-bound structure with a total range of $19.75, representing 3.5% volatility [7] - BCH could potentially test the $565-570 resistance zone, with momentum expected to accelerate during the European session [5] Trading Activity - Volume peaked at 86,909 BCH at 14:00 UTC, which is 158% above the session average [7] - Prices reached session highs near $570.88 before facing rejection at the $570-571 resistance zone [7] - The combination of above-average volume and contained price movement suggests a technical setup for potential upward movement, although significant overhead resistance remains [7]