Bitcoin Cash $BCH
by more than 4% over
By more than 4% over the past 24 hours, affected by a midnight sell-off that saw an increase in trading volume to 35,649 units and a price drop below key resistance levels.
This decline - from $422.48 to a low of $403.83 - underscores the negative sentiment dominating the cryptocurrency market amid broader economic uncertainty.
The technical analysis shows that $BCH is struggling to find stable footing after the initial drop, with the level of $400.57 emerging as a critical support area that has held up against several repeated tests. Despite a brief recovery attempt, the range of $414-415 has turned into a strong resistance level that limited positive momentum.
In the last session, #BCH saw a short-term correction, down by 0.84% from $405.25 to $401.86 before buyers intervened to stop the bleeding. The rebound - accompanied by a notable increase in trading volume to 843 units at 09:46 - pushed prices back above $404, indicating some short-term optimism.
However, the overall trend remains bearish, as #BCHUSD trades in a descending channel characterized by gradually lower highs and lows. For bulls to regain control, BCH must decisively reclaim the $410 level and break through the $414-415 area that has repeatedly rejected recovery attempts.
Technical Analysis
BCH decreased by 4.4% from $422.48 to $403.83 over the 24-hour period.
Trading at midnight saw a spike in volume to 35,649 units, leading to the sharp decline.
The level of $400.57 has become a key support area, holding up against multiple tests.
Resistance at $414-415 remains strong, rejecting positive advances.
A short-term ascending channel is forming with support around $402.00.
The level of $405.00 appears as immediate resistance for any short-term rebound.
With the dust settling, all eyes are on whether BCH can break the downward trend or whether negative momentum will pull it below key support levels.
