The crypto market continues to face volatility, with bearish sentiment affecting several major coins. Bitcoin Cash's recent actions are no exception, struggling
Crypto market trends have been influenced by volatility and bearish sentiment, affecting several major coins and leading to increased selling pressure. As a result, Bitcoin Cash (BCH) price is now at a critical level that will determine if a temporary dip or a deeper downtrend is in store for the coin in 2025.
As the crypto market continues to be influenced by volatility and bearish sentiment, several major coins are facing difficulties staying afloat. Among them, Bitcoin Cash (BCH) has been struggling to maintain stability, with selling pressure increasing. This has left traders wondering if this is just a temporary dip or the beginning of a deeper downtrend.
The past trading day saw moderate activity, with the session starting at 1:10 UTC, and a golden cross appearing on the MACD line. This signaled the beginning of an upward trend, which was further supported by a shift in momentum that pushed the price to an upward channel.
At 6:40 UTC, the RSI went overbought, showing strong buying pressure that pushed the Bitcoin Cash latest price higher. This trend continued until 10:25 UTC, when the price again entered the overbought territory, facing resistance at $303.5.
However, the coin was unable to break past this level, causing momentum to weaken and leading to the formation of a sideways trading range around 14:55 UTC. As the day progressed, sellers began to take control. A critical moment came at 19:05 UTC when a death cross appeared on the MACD line, signaling a bearish reversal.
This shift caused the Bitcoin Cash price to slide downward. An oversold condition occurred around the same time, further confirming the weakening momentum. Despite this, bulls made an attempt to regain control. At 21:05 UTC, another golden cross appeared on the MACD line, providing a push that allowed the price to bounce back from its support level, preventing a deeper drop.
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