BCH Bulls Throw in the Towel at $478 – Bears Sniffing Around $385 Like It's Black Friday

Bitcoin Cash [BCH] was only down by less than 1% over the past week, and has shed only 1.25% over the past month. For those keeping score at home, BCH has been about as exciting as watching paint dry while Bitcoin [BTC] decided to actually do something, rallying 7.5% in a week and squeezing out just over 1% in 30 days. So yeah, BCH holders are having a great time watching their coin play dead while daddy BTC goes on a joyride.

This relative weakness of Bitcoin Cash indicated a lack of market belief, but on the surface, it looks harmless. Spoiler alert: it wasn't harmless. Bitcoin Cash's price action in April has been a masterclass in "when bulls give up." In the eternal battle between bulls and bears, one side was clearly winning – and it wasn't the side waving pom-poms.

Since February 2024, Bitcoin Cash has been trading within a range from $272 to $685. The altcoin has tried, and failed, to reach the range highs thrice since December 2024. For those counting at home, that's three attempts at breaking out, three faceplants. Some coins just can't catch a break. BCH apparently can't catch anything except a slow bleed.

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. Think of $478 as that ex who keeps texting "we should talk" but actually just wants to watch you squirm.

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. Because apparently, the floor isn't floor enough. We're talking sub-basement energy here, folks. Diamond hands only.

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. Because apparently, when something breaks down, it just can't resist coming back to kick it while it's down.

Moreover, using the H4 swing move downward, a set of Fibonacci retracement levels was plotted. The 50% level at $449.2 has been tested,