Bitcoin Cash (BCH) Price Drops Below $520
Bitcoin Cash (BCH) is trading below $520 on Thursday. It fell after being rejected at a key trendline earlier this week. Rising profit-taking and bearish data suggest selling pressure may continue soon. BCH might drop further toward $450 as funding rates turn negative and momentum weakens.
BCH On-Chain and Derivatives Data Show Bearish Signs
Santiment’s Network Realized Profit/Loss (NPL) metric shows BCH holders are booking profits this week. The metric spiked multiple times on Wednesday and Thursday. This means many holders are selling at a profit, increasing selling pressure.
On the derivatives side, CoinGlass data shows more traders expect BCH to fall. The OI-Weighted Funding Rate turned negative at -0.0007% on Thursday. This means shorts pay longs, signaling bearish sentiment for BCH.
Bitcoin Cash Price Forecast: Risk of Drop to $450
BCH price was rejected at an ascending trendline on Tuesday and dropped nearly 5% by Wednesday. On Thursday, it trades near $511. If BCH closes below the 200-day EMA at $506.4, it could fall to the next support at $450.2.
The Relative Strength Index (RSI) is 39, showing growing bearish momentum. The MACD had a bearish crossover last week, which still holds. This supports a bearish outlook.
If BCH recovers, it may rise toward resistance at $542.5.
