Bitcoin Cash (BCH) is showing signs of recovery on Monday after recouping losses from Sunday's sharp plunge to the $470 region. The Bitcoin fork has proven an outlier over the past 24 hours, up 6%, while top altcoins Ethereum (ETH), BNB, and Solana (SOL) struggle to post gains.
Bitcoin Cash (BCH) price is hovering around $508 at the time of writing on Tuesday, after being rejected by the previously broken trendline. Weak on-chain and derivatives metrics, coupled with declining market sentiment, suggest a deeper correction as bears set their sights on the $450 support zone.
Bitcoin Cash (BCH) recovers 1% at press time on Wednesday as the broader market stabilizes after a turbulent start to the week. Still, both the derivatives data and the technical outlook suggest that the downside risk could persist based on declining open interest and a pattern breakdown.