CoinDesk 2025-05-30 12:26:20

Bitcoin Cash Slumps 4% as $400 Support Faces Heavy Selling Pressure

Bitcoin Cash BCH tumbled more than 4% in the past 24 hours, rattled by a midnight selloff that saw volume spike to 35,649 units and price action plunge below key resistance levels. The decline — from $422.48 to a low of $403.83 — underscores the bearish sentiment gripping the crypto market amid broader economic uncertainties. Technical analysis shows BCH struggling to find stable footing after the initial drop, with the $400.57 mark emerging as a critical support zone that has withstood multiple retests. Despite a brief recovery attempt, the $414-$415 range has turned into a formidable resistance level that has capped bullish momentum. In the latest session, BCH experienced a short-term correction, slipping 0.84% from $405.25 to $401.86 before buyers stepped in to stem the bleeding. The bounce — accompanied by a notable 843-unit volume spike at 09:46 — pushed prices back above $404, hinting at some short-term optimism. However, the broader trend remains bearish, with BCH trading in a descending channel defined by progressively lower highs and lows. For bulls to regain control, BCH must decisively reclaim the $410 level and break through the $414-$415 zone that has repeatedly rejected recovery attempts. Technical Analysis BCH dropped 4.4% from $422.48 to $403.83 over the 24-hour period. Midnight trading saw a volume surge to 35,649 units, fueling the sharp decline. $400.57 has become a key support zone, holding firm against multiple retests. Resistance at $414-$415 remains strong, rejecting bullish advances. Short-term ascending channel forming with support around $402.00. $405.00 emerges as immediate resistance for any short-term rebound. As the dust settles, all eyes are on whether BCH can break the downtrend or whether the bearish momentum will drag it below key support levels.