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- The BCH crypto price has dropped by 16% in the past 10 hours.
- Bitcoin Cash price has lost 55% since April, indicating bears’ grip.
- Death crossover has developed in RSI and MACD.
In the last week of March, the BCH triggered a pullback and gained 95% in 12 days. The bullish trend was disturbed near the $700 hurdle and experienced profit booking. Since April, the BCH crypto price has declined by generating lower lows and lower highs.
Since March, $520 has been marked as a crucial level. The Bitcoin Cash price has attempted 4 times to overcome this level, but sellers were too strong. On June 7, the BCH price faced resistance from the $520 mark and declined by 42% in a month.
Bitcoin Cash was traded at $301.52 at press time with an intraday loss of 8.97%. The market capitalization was $5.84 Billion, ranking 16th in the cryptocurrency market in terms of market cap. The 24-hour trading volume was $431.94 Million at the time of writing.
BCH Has Reached 4 Months Low; What’s Next?
The Bitcoin Cash crypto price has witnessed strong selling pressure for the past few weeks. It has slipped below the key moving averages and reached the 4-month low. After consolidation of 2 weeks near the 200-day EMA, the price has witnessed strong selling pressure.
According to the technical chart, if the Bitcoin Cash price is below the 200-day EMA, sellers may be attracted. The chart indicates that $380 was a crucial level to bounce back. However, buyers failed at that point, and bears held the grip.
The Bitcoin Cash price below the $280 level is extremely bearish, and sellers may drag down the price to the $200 mark. The price below the $200 mark may tempt sellers to a new all-time low.
Alternatively, strong buying pressure can be seen if the BCH crypto price bounces back and surpasses the 200-day EMA. Once the buyers below the 200-day EMA get liquidated, a strong surge in price can be observed.
Based on the technical indicators, the MACD has generated a death crossover with the signal line, and the histograms have been flipped to red. The RSI is 24 and has developed a bearish crossover with the RSI-based moving average. Besides this, RSI was heading toward the oversold zone at the time of writing.
Crypto at Discount?
Summer sale is commending! $BTC and $BCH are going on sale. Time to fill those crypto bags at a discount! " pic.twitter.com/FFbjj9UXPN
— J@Crypto (@j_crypto_2015) July 5, 2024
BTC and BCH have been on the summer sale and trading at a cheaper rate in the past few months. The rehabilitation trustee has reimbursed some rehabilitation debtors in Bitcoin and Bitcoin Cash through a portion of the approved cryptocurrency exchanges.
Is More Sell-Off Loading in BCH?
The current market sentiment is bearish, and the BCH has been negatively affected. The Bitcoin Cash crypto price has lost more than 20% in a few hours due to the notice regarding repayment in Bitcoin Cash and Bitcoin. It has dropped below the 200-day EMA and experienced a bearish trend.
Technical Levels
Bitcoin Cash price is expected to take support at the $260, $215, and $183 levels. The price may face resistance from the $400 and $420 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
