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Bitcoin Cash Slumps 4% as $400 Support Faces Heavy Selling Pressure
Bitcoin Cash falls 4% as it tests the $400 support level, with a descending channel pattern and resistance at $414-$415 challenging recovery efforts.
Updated May 30, 2025, 12:33 p.m. Published May 30, 2025, 12:26 p.m.
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What to know:
- Bitcoin Cash (BCH) fell over 4% in 24 hours, driven by a midnight selloff with a volume spike to 35,649 units.
- The price drop highlights bearish sentiment as BCH struggles to maintain stability, with $400.57 as a critical support zone.
- Despite short-term recovery attempts, BCH faces strong resistance at the $414-$415 range, keeping the broader trend bearish.
Bitcoin Cash 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.
STORY CONTINUES BELOW
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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.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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