BCH Struggles to Break $467 Barrier: Regulatory Shift Sparks Institutional Interest in Crypto Integration

Bitcoin Cash (BCH) has been in a state of flux recently, with its price fluctuating between $449.61 and $469.63 over the past 24 hours, representing a range of $19.76 or 4.4%. According to CoinDesk Research's technical analysis model, the cryptocurrency has failed to breach the $467 resistance level despite multiple attempts, with a brief surge near that level on June 23. However, it was subsequently rejected twice more, reinforcing the significance of that barrier.

The token's price action has been characterized by a descending trendline formed during the corrective pullback, with lower highs establishing a bearish short-term tone. On June 23, at 22:00, BCH surged nearly 3% on high volume, setting resistance at $467. This level was tested and rejected two more times, confirming strong overhead resistance.

In terms of support, the $450 level has formed around as a significant area of accumulation with significant volume between 15:00-16:00. A descending trendline of lower highs emerged following the initial spike, signaling bearish momentum. However, a V-shaped micro-trend formed during the final hour, with a bounce from $449.94 to $451.31.

On the regulatory front, Federal Reserve Chair Jerome Powell announced that U.S. banks now have the freedom to determine their digital asset customer base without prior regulatory pre-approval. This policy shift effectively removes institutional adoption barriers and is considered a meaningful step toward greater integration of crypto within the traditional financial system.

In summary, Bitcoin Cash (BCH) has been unable to break through the $467 resistance level despite multiple attempts, and its price action suggests a bearish short-term tone. However, the recent regulatory update from the Federal Reserve may provide some optimism for the future integration of crypto within the traditional financial system.