Bitcoin Price on New Year’s Eve: The Strange Holiday Pattern Traders Ignore Every Year
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Key Takeaways
Bitcoin Cash has broken its short-term uptrend and slipped below $600
Bearish momentum is building as MACD has formed a bearish crossover.
A break below $592.80 could send Bitcoin Cash’s price toward $514.
Bitcoin Cash (BCH) is exhibiting early signs of trend fatigue after failing to hold above the $600 psychological level.
Following a strong recovery earlier in the month, BCH’s price structure has started to deteriorate as buyers lose momentum and sellers gradually regain control.
The loss of key technical support, combined with weakening momentum and capital outflows, indicates that the recent rally may be shifting into a broader pullback.
As BCH slips out of its bullish structure and key indicators turn lower, the market increasingly prices in further downside risk in the near term.
Is Bitcoin Cash price facing an actual breakdown or a fakeout? Let’s find out.
On the 4-hour chart, BCH’s price had been trading within a rising channel marked by higher lows, reflecting steady but controlled bullish progression.
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The latest pullback has pushed the price below the channel’s lower trendline and beneath the $600 psychological level. Furthermore, this shows that the bullish structure has been compromised.
The Moving Average Convergence Divergence (MACD) indicates a bearish crossover, with the 12-day EMA holding below the 26-day EMA.
The histogram has flipped into negative territory, confirming that downside momentum is building rather than fading.
Further supporting the corrective narrative, the Money Flow Index (MFI) has dropped to 26.30.
This signals capital outflows and declining buying interest, suggesting that traders are reducing exposure rather than accumulating.
A sustained move below the $580 to $570 support could expose the BCH price to a deeper retracement toward the $550 zone.
BCH Price Prediction: Bearish
On the daily chart, BCH’s candles have reversed their bullish trend and begun retesting the immediate support zone.
Reinforcing this outlook, the Relative Strength Index (RSI) currently stands at 54.31 and is pointing downward.
While the RSI remains above the neutral 50 level, its declining slope reflects growing selling pressure.
Meanwhile, the Chaikin Money Flow (CMF) has entered negative territory, printing below zero and signaling that capital is flowing out of BCH rather than into it.
This shift reinforces the bearish undertone highlighted by the RSI, showing that distribution is starting to outweigh accumulation.
Drawing from Fibonacci levels, BCH’s price, currently at $596.30, sits near the 0.786 Fib level at $592.80.
A break below this level could push BCH’s price downward toward $514.43.
However, if BCH holds above the current zone, it could form a short-term base for stabilization. In that scenario, buyers may attempt to push the price higher.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
