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](https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_18-44-26-638703210507665171.png)
*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 Price Forecast](https://editorial.fxsstatic.com/miscelaneous/BCHUSDT_2024-12-20_20-36-44-638703211720257796.png)
*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.

 Bitcoin Cash price plunged to a 40-day low of $390 as the crypto market crash extended further on Friday. 

Subscribe our Newsletter

Today Bitcoin News Digested