Bitcoin Cash price is rallying as the crypto market’s bull run continues. According to CoinMarketCap, the combined crypto market cap is up by 6.70% at $2.22 trillion. The altcoin, which is ranked 14, has had its market cap rise by 5.08% at $12.48 billion. Over the past 24 hours its trading volume has surged by 1.68% to $3.19 billion.
BCH has extended its previous gains; a trend that places August’s high at an attainable level. At the time of writing, the altcoin was up by 1.29% at 664.23. Notably, it has remained buoyed above the psychological level of 600 since mid-August.
Thursday’s surge has boosted Bitcoin Cash price past the resistance level of 650, which has been rather elusive since the beginning of the week. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. I remain bullish on BCH in the second half of the week.
In the near term, I expect the crypto to ease at its current support level of 660. A rise higher will probably place the resistance level at 675.12.
As the bull run continues, the psychological level of 700 and August’s high of 715.06 appear to be within reach. Nonetheless, Bitcoin Cash price may lack enough bullish momentum to hit those targets. Towards the end of the week, the bulls will be targeting Sunday’s high of 692.95. On the flip side, it may pull back to along the 25-day EMA at 645.89.