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) trades in red below $520 at the time of writing on Thursday, after facing rejection from a previously broken trendline earlier this week. Rising profit-taking activity and bearish derivatives data indicate that selling pressure may persist in the short term.
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.