Bitcoin Cash (BCH) Surges 3.3% as Buyers Drive Breakout Above $487 Resistance

Bitcoin Cash (BCH) extended its bullish momentum on November 5, climbing 3.3% to $491.80 after clearing the key $487 resistance level. According to CoinDesk Research’s technical analysis model, the cryptocurrency saw strong buying activity during the European session, supported by above-average volume and a well-defined ascending trend.

The rally began as BCH advanced from $476.10 to $491.80, with intraday volatility spanning a $33.36 range. Key higher lows were recorded at $462.67, $474.27, and $479.03—signaling steady accumulation before the breakout. Volume spiked to 33,795 units at 21:00 on November 4, a 78% increase over the 24-hour average of 13,478, highlighting robust trader engagement.

After peaking at $495.30, BCH briefly pulled back to $490.14 before quickly recovering to $492.99. Multiple attempts to break $495.00 between 16:00 and 17:00 UTC underscored the market’s strong bullish pressure. The shallow 0.65% correction from session highs was swiftly absorbed, reinforcing upward momentum.

The analysis identifies critical support at $490.00—tested during a short-lived correction—followed by the $487.00 breakout zone and $479.03 higher low. Resistance remains near $495.00, with the session high at $495.30 marking the next breakout target.

Bulls aim to push BCH beyond $500.00, eyeing continued upside as long as price action holds above $487.00. The report frames risk at the $487 support, noting that defending this level preserves the bullish structure. With a 7% daily range and sustained volume strength, market dynamics favor continued volatility and potential for further gains.