BCH price is trading sideways for the second session in a row after rebounding from Monday’s low when it dropped below the crucial support level of $600. According to CoinMarketCap, the altcoin has had its trading volume fall by 8.97% to $5.526 billion. Nonetheless, its value is up by 2.29% at $12.028 billion. It is currently ranked 16th in the crypto market.
Bitcoin Cash has eased on its rebound from Monday’s low of 590.65. Notably, that was the second unsuccessful attempt by the bears to breakout of the support zone at 600. Notably, that psychological level has been a crucial support zone for the altcoin since mid-August.
Over the past week, BCH price has dropped by 6.06%. Since Sunday, it has fallen by about 2.59%. At the time of writing, the crypto was down by 0.44% at 638.09.
On a two-hour chart, it is trading between the middle and upper Bollinger bands. In the short term, it will likely remain steady above the crucial support level of 600 – as has been the case for a month now. By finding support along the middle Bollinger band at 627.64, it may form a horizontal channel with 650.40 as its upper border.
A move higher may push BTC price to the resistance level of 672.37 before pulling back. On the flip side, 606.45 will be the lower support level to look out for.