- Bitcoin Cash (BCH) has rebounded strongly in March, gaining 15% after breaking out of a descending triangle pattern, with strong support between $316 and $335 backing further gains.
- If BCH surpasses the $349 resistance, it could reach $400 before the month ends, but a breakdown below key support levels might push it below $300.
Bitcoin Cash (BCH) has made a remarkable comeback, breaking out of a descending triangle pattern after an initial decline. With strong on-chain support and bullish technical indicators, BCH seems poised for further gains before the end of March.
Bitcoin Cash’s March Rebound
After a challenging start to 2025, Bitcoin Cash appears to be regaining momentum. The cryptocurrency posted negative returns in both January and February but has surged 15% in March. At the beginning of the month, BCH was trading around $310. It climbed to a high of $405 before pulling back to $322 and now sits at $336. Despite this volatility, technical and on-chain data suggest a continuation of this upward trend.
Key Support Levels and Market Strength
One of the crucial elements backing BCH’s recovery is the strong support between $316 and $335. On-chain data from IntoTheBlock indicates that in this range, over 274,000 addresses hold more than 966,000 BCH in profit, while nearly 300,000 addresses hold 752,460 BCH between $325 and $335.
This significant support outweighs the volume of unrealized losses between $339 and $388, reducing the likelihood of a steep correction. As long as this support holds, Bitcoin Cash is well-positioned to push toward the $400 mark before the month closes.
Technical Analysis: Breakout on the Horizon?
A key development in BCH’s price movement is its breakout from a descending triangle pattern. The daily chart suggests that BCH is now forming a symmetrical triangle, with the potential to break above its upper trendline. If the breakout occurs, BCH could surpass its current resistance around $349 and aim for the 0.618 Fibonacci level at $411.
The Awesome Oscillator (AO) reading on the daily chart remains negative, but the presence of green histogram bars signals a reduction in bearish pressure. This suggests that BCH might not experience a severe correction in the short term, keeping the possibility of further gains alive.
Can Bitcoin Cash Reach $400 Before March Ends?
Given the strong support and technical indicators pointing to a bullish breakout, Bitcoin Cash appears ready to test higher levels. If it successfully surpasses the $349 resistance, the next key target will be $400, with a potential extension to $411. However, if BCH breaks below the lower trendline of the symmetrical triangle, a move below $300 could be on the cards.
With a few days left in March, all eyes are on Bitcoin Cash to see if it can sustain its momentum and deliver its first green monthly close of 2025. Whether BCH can hit $400 or not, its recent price action has reaffirmed its strength in the crypto market.
