Market Overview for Bitcoin Cash/Tether (BCHUSDT)

Summary
• Price surged above $635.2 after forming a bullish engulfing pattern around 21:30 ET.
• Volatility expanded as Bollinger Bands widened following a consolidation phase.
• RSI entered overbought territory at 72, suggesting potential near-term pullback risk.
• On-balance volume spiked during the 19:30–20:45 ET rally, reinforcing price strength.
• 50-period moving average on 5-min chart crossed above 20-period line, signaling short-term bullish momentum.

Bitcoin Cash/Tether (BCHUSDT) opened at $633.3 on 2026-01-06 12:00 ET, reaching a high of $640.6 and a low of $626.3 before closing at $630.5 on 2026-01-07 12:00 ET. Total volume was 14,670.51 BCH, with notional turnover of $9,364,529.35.

Structure & Moving Averages

Price formed a clear bullish engulfing pattern at $633.0–635.7 (21:30–21:45 ET), signaling a potential reversal. The 50-period 5-min moving average crossed above the 20-period line around 21:45 ET, reinforcing short-term bullish momentum. On the daily chart, the 50-period MA sits above the 100- and 200-period lines, indicating a longer-term bullish setup.

Momentum and Volatility

RSI climbed to 72 during the 20:45–21:45 ET rally, entering overbought territory. MACD crossed above the signal line at 20:30 ET, confirming positive momentum. Bollinger Bands showed a contraction during 18:00–20:30 ET, followed by a sharp expansion as volatility increased during the breakout.

Volume and Turnover Dynamics

Volume surged during key bullish moves, particularly around 21:15–21:45 ET, with high notional turnover reinforcing price action. A divergence between price and volume wasn’t observed, suggesting the move has solid support.

Fibonacci Retracements

Key Fibonacci levels from the recent $626.3 to $640.6 move include 61.8% at $635.0 and 38.2% at $631.4. Price is currently hovering near the 61.8% retracement level, which may serve as a short-term resistance ahead of $635.8.

Over the next 24 hours, BCHUSDT could test $635.0 as a near-term resistance if bullish momentum holds. A pullback to the 50-period MA at $631.0 may provide a re-entry point for bulls, but investors should be cautious of overbought RSI and potential profit-taking.