Bitcoin Cash (BCH) has faced renewed downward pressure this weekend, with its price stabilizing near $487 after sliding from the $510 mark earlier in the week. Despite a minor +0.09% intraday uptick, BCH remains in a fragile position, reflecting broader weakness across the crypto market.
The cryptocurrency currently commands a $9.72 billion market cap, ranking it 13th globally. However, the steep drop in trading volume, down 44.54% in the past 24 hours, indicates a clear reduction in speculative activity. This slowdown suggests that traders are waiting for stronger confirmation before re-entering the market.
Chart Analysis: Sellers Still in Control
BCH’s decline accelerated after failing to sustain momentum above $510. The coin slipped below the $500 psychological barrier, confirming a shift in market sentiment from bullish optimism to defensive positioning. By the close of November 8’s early session, BCH consolidated around $486–$488, showing modest attempts to hold short-term support.
Technical indicators point to continued bearish bias, with little evidence of strong accumulation yet. Analysts are watching the $480 level closely, which has acted as a near-term support zone since early November. A break below it could expose BCH to further downside toward $470.
On-Chain Overview: Tight Supply but Weak Activity
With a total supply of 19.95 million BCH out of a maximum 21 million, Bitcoin Cash is nearing full circulation. This limited remaining supply should, in theory, offer long-term support. Yet, near-term demand appears subdued, with volume-to-market-cap ratio at just 4.02%, reflecting weak participation from both retail and institutional investors.
There are currently 33,340 holders, a steady base but not showing major expansion this week. The market’s “Extreme Fear” sentiment, as indicated by multiple sentiment trackers, continues to suppress buying enthusiasm.
Outlook: Watch for a Recovery Above $500
For Bitcoin Cash to reclaim bullish momentum, it needs a strong daily close above $500, which would invalidate the current lower-high formation. A successful retest could pave the way toward the $515–$520 resistance range.
Until then, traders are likely to see range-bound consolidation between $480 and $495, as low volume and declining volatility limit near-term upside. Bitcoin’s price action remains the key driver; any sharp BTC rebound could lift BCH sentiment rapidly.