Market Decline Overview
Bitcoin Cash price has extended its downward trajectory, shedding more than 10% over the past 24 hours to touch lows of $481 in early trading on February 24, 2025. The declines coincide with bearish sentiment gripping the broader cryptocurrency market, as top coins plunge alongside Bitcoin's fall below $63,000. Other altcoins including Ethereum, XRP, and BNB have also posted steep losses amid dominating negative sentiment. While some analysts note potential for short-term recovery, prevailing headwinds favor sellers.
BCH Drops Amid Macro and Geopolitical Headwinds
Fresh tariff threats from US President Donald Trump, following a recent Supreme Court ruling on his 2025 tariffs, have triggered risk-off sentiment. This has been compounded by geopolitical uncertainty, prompting investors to seek safer assets and avoid volatile cryptocurrencies. Weak sentiment has suppressed crypto bids and contributed to huge outflows from digital asset investment products. Tightening liquidity and elevated liquidations have further weighed on risk appetite, capping Bitcoin's rebound.
The dump to lows of $62,700 for Bitcoin accelerated losses for Bitcoin Cash, with bears showing greater appetite as daily volume jumped 46% to over $545 million. Analysts indicate the macroeconomic picture and potential escalation in US-Iran tensions could cue further losses, though resolutions favoring bulls may mitigate the correction's impact.
Bitcoin Cash Price Analysis
Bitcoin Cash traded as low as $481 on February 24, slipping by double digits in 24 hours as sellers pulled prices from highs of $570. The fresh selling driving BCH below $500 aligns with technical indicators painting a mostly bearish picture. Recent declines have pushed the 50-day moving average toward the 200-day moving average, outlining a possible death cross pattern. Increased losses and confirmation will come with intensified bearish momentum.
The RSI and MACD indicators are also slipping lower, signaling bearish control. According to CryptoQuant, Bitcoin's slide from near $68k to under $63k coincides with the Coinbase Premium Index (SMA 30) rejecting downward, suggesting ongoing US selling pressure remains. Failure to recover highlights continued institutional hesitation. In the short term, BCH faces continued selling toward $425 and possibly $378. On the upside, initial resistance sits at the $500 mark, followed by moving average levels converging near $560-$566.
$BTC can bounce on positioning, but it rallies on spot demand. CVD implies roughly $2.5B of net market sells since Feb 20 across centralised exchanges. That is not “one bad actor”, it is broad distribution. Until that slows, breakouts often fade.
