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Jessie A Ellis Sep 08, 2025 07:33
BCH trades at $591 (-1.76%) amid Tether's USDT withdrawal from Simple Ledger Protocol, while analysts predict potential rally to $640-$700 range.
Quick Take
• BCH currently trading at $591.00 (-1.76% in 24h) • Bitcoin Cash RSI holds neutral at 54.17 with bullish MACD divergence • Tether's USDT exit from SLP platform creates liquidity concerns
What's Driving Bitcoin Cash Price Today?
The BCH price has declined 1.76% over the past 24 hours, primarily influenced by Tether's recent decision to cease USDT support on Bitcoin Cash's Simple Ledger Protocol (SLP). This regulatory shift, announced on September 1st, has created uncertainty around liquidity and accessibility for Bitcoin Cash users, contributing to bearish sentiment in the short term.
Adding to the downward pressure, the BCH/BTC trading pair experienced a notable 4.19% decline on September 6th, with technical indicators pointing toward bearish momentum in this specific pairing. This cross-crypto weakness has weighed on Bitcoin Cash's overall performance despite broader market stability.
However, the narrative isn't entirely negative. Despite the recent setbacks, analysts issued bullish predictions on September 4th, forecasting a potential BCH price surge to the $640-$700 range throughout September. These projections are based on underlying technical strength and improving market sentiment, creating a conflicting dynamic between short-term headwinds and medium-term optimism.
Bitcoin Cash Technical Analysis: Mixed Signals Emerge
The current Bitcoin Cash technical analysis reveals a complex picture with competing bullish and bearish indicators. Bitcoin Cash's RSI sits at 54.17, placing the BCH RSI firmly in neutral territory, suggesting neither overbought nor oversold conditions.
The most encouraging signal comes from Bitcoin Cash's MACD, which shows a reading of 8.6528 against a signal line of 4.8831. This positive divergence, combined with a bullish histogram of 3.7697, indicates strengthening upward momentum for Bitcoin Cash despite recent price weakness.
Moving averages paint a predominantly bullish picture for the BCH price trajectory. Bitcoin Cash trades above its 20-day SMA ($571.83), 50-day SMA ($567.88), and significantly above the 200-day SMA ($435.52), confirming the longer-term uptrend remains intact. The shorter-term 7-day SMA at $595.90 provides immediate resistance.
Bitcoin Cash's Bollinger Bands show the cryptocurrency positioned at 0.6985 within the bands, suggesting room for upward movement toward the upper band at $620.11. The Average True Range of $27.76 indicates moderate volatility levels, typical for Bitcoin Cash's current trading environment.
Bitcoin Cash Price Levels: Key Support and Resistance
Based on Binance spot market data, Bitcoin Cash support levels are clearly defined with immediate support at $524.00 and stronger support at $490.20. These levels represent critical zones where buying interest historically emerges.
On the upside, BCH resistance appears at $629.80 for immediate challenges, with stronger resistance at $634.30. The pivot point sits at $596.17, just above current trading levels, suggesting Bitcoin Cash needs to reclaim this level to confirm short-term bullish momentum.
The 24-hour trading range of $590.10 to $607.40 provides tactical levels for day traders. A break above $607.40 could signal renewed buying interest, while a move below $590.10 might trigger additional selling pressure toward the immediate support zone.
Should You Buy BCH Now? Risk-Reward Analysis
For conservative traders, the current environment suggests waiting for clearer directional signals. The conflict between bullish medium-term forecasts and immediate regulatory headwinds from Tether's SLP exit creates uncertainty that may persist in the near term.
Aggressive traders might consider the current BCH price of $591 as an opportunity, given the analyst predictions targeting $640-$700. This represents potential upside of 8-18% if the bullish scenario materializes. However, risk management becomes crucial with stop-losses placed below the $524 support level.
Swing traders should monitor the BCH/USDT pair for a decisive break above $607.40 resistance or below $590.10 support to guide position entries. The neutral RSI reading provides flexibility for movement in either direction.
Position sizing should account for the Tether SLP situation potentially creating additional volatility as the market adjusts to reduced USDT accessibility on the Bitcoin Cash network.
Conclusion
Bitcoin Cash finds itself at a critical juncture with the BCH price reflecting mixed fundamental and technical signals. While the Tether SLP exit creates near-term challenges, the underlying technical structure remains supportive with bullish MACD signals and strong moving average support. Traders should watch for a decisive break of the $590-$607 range to determine Bitcoin Cash's next directional move over the coming 24-48 hours, with the analyst targets of $640-$700 providing medium-term upside potential if current support levels hold.
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