Right now, BCH (Bitcoin Cash) is stuck around $508, after getting knocked back from a key resistance line. Momentum just isn’t there. Both on-chain and derivatives data are painting a pretty gloomy picture for bulls.
Let’s look at what’s happening under the hood. Santiment reports that BCH’s Social Dominance — basically how much people are talking about it—crashed from 0.76% on October 25 down to just 0.15%. That’s the lowest since July 2023. In plain English, it seems fewer people care, and interest is drying up fast.
It gets worse when you check the numbers from Coinglass, which say BCH futures open interest has dropped from $200 million at the start of October to $148 million now. Traders are pulling back. The OI-Weighted Funding Rate slipped into negative territory at -0.0039%. More people are betting BCH will fall than rise. Every time we’ve seen moves like this before, the price has taken a hit.
From a technical angle, BCH tried to break past the 78.6% Fibonacci level near $565 but got rejected. That’s a tough ceiling. The RSI is down at 43, and the MACD histogram is losing steam — both signs that bulls are running out of gas.
If BCH can’t stay above the 61.8% Fibonacci line at $497, $450 is the next big support. Buyers really need to hold that level. On the flip side, if BCH manages a bounce here, it could push back toward the 100-day EMA around $537. But right now, the pressure is definitely on.
