Bitcoin Cash Faces Turmoil: 40,000 Investors Exit Amid Crypto Market Crash

Bitcoin Cash price plunged to a 40-day low of $390 as the crypto market crash extended further on Friday. On-chain data trends show 40,000 active BCH wallets were emptied within the last three days, indicating a significant sell-off among investors.

Bitcoin Cash Price Plunges 35% as Crypto Sell-Off Intensifies

Following the hawkish stance of the Federal Reserve rate decision, the global crypto market has been in a steep downtrend. Bitcoin's price dropped to $94,200, with bearish sentiment spreading to altcoins like Bitcoin Cash (BCH) and Litecoin (LTC).

Bitcoin Cash price action | BCHUSDT (Binance)

The chart illustrates how BCH price has plunged 35% since the initial market wobble on December 9, dropping from $623 to $390.

40,000 BCH Investors Liquidate Amid Market Decline

Bitcoin Cash has experienced a steep 35% price dip over the last 18 days, outpacing declines in major cryptocurrencies like Bitcoin and Ethereum. The liquidation of 40,000 wallets signifies a major exodus of BCH holders, revealing heightened investor anxiety amid the ongoing market downturn.

As of December 16, 2024, there were 24.86 million funded BCH wallets, which has now dropped to 24.82 million due to the recent sell-off. This trend indicates a loss of investor confidence and potential downside risks for BCH.

BCH Price Forecast: $450 Resistance Looming

BCH faces significant resistance at $450 after a 37% decline over the past 11 days. The Bollinger Bands on the daily chart suggest narrowing volatility, indicating that BCH may struggle to break out of its downward trend.

Bitcoin Cash (BCH) Price Forecast

The Bull-Bear Power (BBP) indicator shows strong selling pressure at -181, highlighting the bearish market sentiment. The $450 level acts as a critical resistance zone, and failure to surpass this could lead to further declines in BCH price. Key support levels are at $430 and $390, with breaches potentially triggering more significant downturns.