BCH Faces Downside Pressure After Key Resistance Test
Bitcoin Cash (BCH) has dropped over 6% in the last 24 hours, pulling back from the $600 resistance level as selling pressure intensified. The move comes after a failed breakout attempt, leaving traders cautious about short-term price action.
On the 4-hour chart, BCH recently tested the $600–$620 resistance zone, marked by strong selling interest. After multiple rejections, the price slipped to around $565, hovering just above a major demand area near $550–$540.
Analysts point to a break of the ascending channel that supported BCH since June, signaling potential trend exhaustion. “A clean rejection at $600 combined with a channel breakdown suggests sellers are regaining control,” said BITX market strategist.
The next key level to watch is the green support zone between $540–$550. A close below this range could accelerate losses toward $500.
Despite the pullback, long-term structure remains intact as BCH continues to trade above major moving averages on higher timeframes. However, short-term momentum has clearly shifted bearish.
If BCH holds above $540, a rebound toward $580–$600 is possible. Conversely, a decisive break below support could trigger a deeper move toward the $500 psychological level.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.