Bitcoin Cash is trading above the $600 mark today, December 26, with recent readings near $606. Trading activity has picked up noticeably. Over the past 24 hours, volume has risen by more than 46% to $451.84 million, while market capitalization sits near $12.1 billion.
The discussion now centers on one level in particular: $680. That area has acted as a cap before, and the market is effectively testing whether this latest move has enough strength to break it.
Network Strength Supports Sentiment
One of the clearest changes is happening on the network itself. Bitcoin Cash’s hashrate has moved past its 2017 peak and is now almost 8 EH/s, currently at 7.71 EH/s. A higher hashrate means more computational power securing the chain, which implies more miners committing resources and revenue expectations to BCH rather than elsewhere. It usually signals confidence in the chain’s economics and, by extension, its future block rewards.
Circulating supply also matters in this context. Around 19.97 million BCH are already in circulation out of a fixed 21 million maximum. With most supplies already out in the market, prices tend to react more sharply when demand rises.
That effect becomes more visible when volume also increases, as it has over the last day. Simply put, more coins are already distributed, more trading is happening, and the price is moving within that tighter supply environment.
Bitcoin Cash Price Outlook as $680 Comes Back Into View
From a technical standpoint, Elite Crypto notes that Bitcoin Cash has formed a double-bottom structure and is still trading above support. Price action shows a sequence of higher lows on lower time frames, which is what traders usually look for when assessing whether buyers are stepping in consistently.
The same analyst points to the $680 region as the line in the sand. That zone has pushed the price back several times already. The comment is that “If this structure holds and continues to move, then it increases the probability that this time $BCH will finally push above the $680 level.”
In other words, the market is forming an uptrend beneath a ceiling that everyone can see, and direction depends on which side gives way first.
Technical indicators are trending in the same direction without flashing extreme signals. On TradingView, the overall technical summary is listed as Strong Buy, with Simple Moving Averages supporting the trend from below. The Relative Strength Index sits around 58, far from oversold but also not yet in overbought territory. That combination suggests momentum, but not froth.
For now, Bitcoin Cash still holds above $600, and the structure is constructive. The next decisive question is whether the $680 resistance finally breaks, or whether it rejects the price once again and forces another higher-low reset.
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