Date: Thu, April 17, 2025 | 02:46 PM GMT
The cryptocurrency market showed some upside momentum last week after President Trump announced a 90-day pause on tariffs — a move that boosted investor sentiment across risk assets.
Bitcoin Cash (BCH) was among the gainers, recording an impressive 12% rise over the week. It is currently trading around $330, although it’s still down by about 32% over the past 90 days.
Interestingly, recent price action suggests that BCH could be positioning itself for a stronger bullish reversal, as noted by prominent crypto chart analyst @JohncyCrypto.
Retesting Its Descending Channel Breakout
On the daily chart, BCH had been stuck in a clear descending channel for several months, dropping from a peak of around $640 to a bottom near $249. The overall trend was bearish, marked by lower highs and lower lows.
However, the tide started to turn last week. On April 12, BCH broke out of the descending channel at approximately $330, pushing the price up to a local high near $374. Since then, BCH has pulled back slightly and is now retesting the previous descending resistance line — a common move after a breakout.
Adding to the bullish case, BCH is also finding support at the 50-day moving average (MA 50), currently around $325, which could act as a critical short-term floor.
If Bitcoin Cash holds above this zone and successfully bounces, analysts point to several key upside targets:
- $410
- $500
- $565
- $618
A full move toward the $618 zone would represent an 86% gain from current levels.
The volume profile also suggests that once BCH clears the $400–$410 region, it could face relatively lighter resistance on its way up toward higher price areas.
Is a Bounceback Ahead?
Given the breakout from the descending channel, strong support at the MA 50, and improving market sentiment, BCH looks well-positioned for a potential bounce. However, confirmation is still needed — especially holding above the $322–$328 support zone in the coming sessions.
If bulls can maintain this momentum, Bitcoin Cash could be gearing up for a strong recovery run over the coming weeks.
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