Bitcoin Cash (BCH) is under pressure this week, moving in line with the broader market downturn. The coin has dropped nearly 5% over the past 24 hours, reflecting the same weakness seen across most major cryptocurrencies.
At the time of writing, BCH is trading at $566.20. Its daily trading volume stands at $337.59 million, while its market capitalization is just above $11.27 billion.
The token recently touched a short-term high of $629, but that rally lost strength quickly as sellers regained control.
Geopolitics and market sentiment
Beyond crypto charts, global events are adding to the market mood. Later today, US President Donald Trump is set to meet Ukrainian President Volodymyr Zelensky and several European leaders in Washington, D.C. Talks are expected to focus on the Russia-Ukraine war.
Traders believe that any step toward a peace deal could trigger strong momentum across global markets, including digital assets.
Technical picture for BCH
On the technical front, market watcher Clifton Fx pointed out a major trendline forming on the daily chart.
According to him, if BCH breaks below this line, the next key support lies near $380. That would represent a significant slide from current levels and is a zone traders are watching closely.
The market’s current tone suggests uncertainty. While BCH has failed to hold above $600, buyers still have the chance to defend existing support.
If they succeed, the coin could attempt another push higher. If not, the downside scenario toward $380 becomes more likely.
What comes next
Bitcoin Cash now sits at a crossroads. A recovery above $600 could spark renewed optimism, but failure to hold present levels leaves the coin vulnerable to further selling pressure.
With both geopolitical talks and technical signals in play, traders are bracing for sharp moves in either direction over the coming days.