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Bitcoin Cash Rebounds 6.4% as Bulls Defend Key Support Zone
BCH posts sharp V-shaped recovery after dipping to $391, as buyers return and momentum builds despite global macroeconomic pressures.
May 31, 2025, 5:36 p.m.
What to know:
- BCH experienced a significant 24-hour range of 25.066 points (6.4%), forming a V-shaped recovery after testing critical support, according to CoinDesk Research's technical analysis data model.
- US-China tariff tensions introduced new uncertainty across global markets, affecting Bitcoin Cash and broader crypto assets.
- Disney+ partnership with Dapper Labs for digital collectibles marks a major Web3 adoption milestone, potentially influencing market sentiment.
The cryptocurrency market is navigating choppy waters amid escalating geopolitical tensions, with showing resilience despite broader market pressure.
BCH recently demonstrated strong technical performance, forming a V-shaped recovery after testing critical support at $391.656, with substantial buying volume establishing a high-volume support level.
STORY CONTINUES BELOW
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This comes as the global cryptocurrency market faces headwinds from the ongoing US-China trade disputes, which continue to introduce uncertainty across financial markets worldwide.
Meanwhile, traditional financial indicators like rising US Treasury yields signal systemic stress that historically creates mixed environments for risk assets like cryptocurrencies.
Technical Analysis Highlights
- BCH tested critical support at $391.656, triggering substantial buying volume particularly during the 01:00-04:00 timeframe.
- A powerful breakout occurred during the 13:00 hour, with BCH surging to $416.958 on the highest hourly volume (28,068 units).
- Price established a new resistance-turned-support level at $409.800, with momentum indicators suggesting potential for continued upside.
- A bull flag pattern formed after the initial impulse move, with decreasing volume during consolidation suggesting potential continuation.
- The $413.000-$413.500 zone represents a key support level that bulls need to defend to maintain upward momentum.
External References
- "What’s Happening in Crypto Today? Daily Crypto News Digest", Cryptonews, published May 29, 2025.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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