Bitcoins
Bitcoin Cash [BCH] was only down by less than 1% over the past week, and has shed only 1.25% over the past month. It has underperformed Bitcoin [BTC], which has rallied 7.5% in a week and was up by just over 1% in 30 days.
This relative weakness of Bitcoin Cash indicated a lack of market belief, but on the surface, it looks harmless.
However, its price action in April has been illuminating. In the battle between bulls and bears, one side was clearly winning.
Bitcoins Spoiler alert, it’s not the Bitcoin Cash bulls
Since February 2024, Bitcoin Cash has been trading within a range (purple) from $272 to $685. The altcoin has tried, and failed, to reach the range highs thrice since December 2024.
In 2025, the mid-range support at $478 acted as support multiple times. Over the past month, it has been tested as a resistance. The failure to break beyond this level during the mid-March crypto rally confirmed that bears were in control.
The $443 low from the October crash was being retested as resistance at the time of writing. Further price losses will likely arrive in the coming months.
Long-term investors can wait for a drop below $300 before looking to buy BCH.
Bitcoins Traders’ call to action- Is it time to sell now?
The 4-hour chart showed a bearish swing structure. The short-term range between $448 and $484 was breached at the start of April. The range lows were being retested as resistance at the time of writing.
Moreover, using the H4 swing move downward, a set of Fibonacci retracement levels (cyan) was plotted.
The 50% level at $449.2 has been tested, and the price was beginning to fall lower from there.
There is a chance the current bounce could extend toward $455-$465.
However, the direction of the trend was bearish, and Bitcoin Cash traders need to prepare for a price drop in the coming weeks.
The Fibonacci extension levels showed that $406 and $385 were the next bearish price targets.
Bitcoins Final Summary
- The short and long-term range formations showed key levels have been breached and warned of further bearish price movement.
- The next BCH price targets are $306 and $385, although a bounce to $455-$465 was a possibility before such a drop.
Akashnath S Read More