$BCH jumped about 20% to around $544, driven by rising on-chain activity and strong long positioning in futures markets, but now faces a key test to see if it can hold above the $500 level amid mixed signals.

On-chain data shows a surge in network usage with more transactions and larger transfers suggesting renewed interest, while futures traders are heavily biased to the upside, indicating potential continuation of the rally.

However, concerns like a declining hashrate and increased spot selling could weigh on price performance if the selling pressure builds, meaning that holding above $500 support will be crucial for BCH’s near-term outlook.