Bitcoin Cash Sees 4% Decline Amidst Increased Selling Pressure at $400 Support

Bitcoin Cash (BCH) fell over 4% within 24 hours, triggered by a late-night sell-off that surged trading volume to 35,649 units. This decline highlighted the bearish sentiment within the crypto market, especially as BCH struggled to maintain stability, marking $400.57 as a pivotal support zone.

Despite attempts at a temporary recovery, BCH faces considerable resistance at the $414-$415 range, sustaining a broader downward trend.

Key Details:

• BCH experienced a sharp drop from $422.48 to a low of $403.83.
• The midnight trading spike led to significant trading activity.
• The technical outlook shows BCH battling for stability, with $400.57 as the crucial support level.

The current trajectory remains bearish as BCH navigates in a descending channel with lower highs and lows. To reclaim a bullish stance, BCH would need to rise above the $410 mark and break through the resistance barrier of $414-$415 that has repeatedly blocked recovery efforts.

Technical Overview:

• A drop of 4.4% from $422.48 to $403.83 within the last 24 hours.
• The trading surge reached 35,649 units at midnight, marking sharp declines.
• $400.57 serves as a resilient support level under repeated tests.
• Strong resistance at $414-$415 continues to rebuff bullish attempts.
• A temporary rising channel appears with support around $402.00.
• $405.00 is noted as immediate resistance for potential short-term rebounds.

As events unfold, the focus remains on whether BCH can break its downtrend or if the ongoing bearish sentiment will drag it through crucial support levels.