BCH Bulls Can't Even Catch a Break – Bears Sniffing Around $385 Like It's Free Lunch

Bitcoin Cash [$BCH] decided that underperforming Bitcoin [BTC] was its personality trait, shedding less than 1% over the past week and 1.25% in the past month. Meanwhile, BTC put on a casual 7.5% weekly rally while up just over 1% monthly. It's giving "always the bridesmaid, never the bride" energy – or in crypto terms, always the altcoin, never the green candle.

This disappointing relative performance of Bitcoin Cash screamed "nobody believes in this trade" to anyone paying attention, though on paper it looked like no big deal. But April's price action pulled back the curtain and revealed the wizard wasn't wearing any robes – just bearish intent.

In the eternal tussle between bulls and bears, one side was absolutely dominating. Spoiler alert: it wasn't the Bitcoin Cash bulls. Those poor degens have been sending "we're still here" tweets into the void for months.

Since February 2024, Bitcoin Cash has been stuck in a gloriously wide range between $272 and $685. The altcoin tried to punch through the range highs three glorious times since December 2024 and failed every single time – like a crypto Rocky Balboa, except without the montage or the happy ending. In 2025, the mid-range support at $478 kept proving its worth as support. Over the past month, that same level has been tested as resistance, because apparently $BCH likes to break its own promises.

The inability to break beyond $478 during the mid-March crypto rally was basically a confession from the market that bears had the keys to this Ferrari. The $443 low from the October crash was being retested as resistance at the time of writing, like a bad ex showing up at your door. Further price losses are probably on the menu in the coming months, so maybe don't schedule any BCH pizza parties just yet.

Long-term investors might want to practice patience and wait for a drop below $300 before thinking about loading the boat on $BCH. Sitting on your hands can be profitable, contrary to what your Robinhood notifications keep insisting.

The 4-hour chart was screaming bearish swing structure at anyone who bothered to look. The short-term range between $448 and $484 got convincingly breached at the start of April. The range lows were being retested as resistance at writing time, because apparently everything that was support wants to become resistance now.

Using the H4 swing move downward, a set of Fibonacci retracement levels was plotted. The 50% level at $449.2 got tested, and the price was beginning to roll over from there – because when $BCH finds resistance, it commits like it's a meme coin on a Saturday night.

There was a chance the current bounce could stretch toward $455-$465. However, the direction of the trend was decidedly bearish, and Bitcoin Cash traders needed to buckle up and prepare for a price drop in the coming weeks. Hope is not a trading strategy, especially with $BCH.

The Fibonacci extension levels showed that $406 and $385 were the next bearish price targets on the menu.