Bitcoin Cash Faces Strong Resistance at $467 Amid Bearish Momentum

Bitcoin Cash (BCH) is trading at $452.13, down 0.54% in the past 24 hours, as it struggles to break above the critical $467 resistance level. According to CoinDesk Research’s technical analysis, BCH attempted to breach this threshold multiple times but was rejected each time, reinforcing $467 as a significant short-term barrier.

On June 23, BCH briefly spiked nearly 3% during a high-volume surge, reaching close to the resistance level before retreating. Subsequent rejections and the formation of a descending trendline indicate a bearish short-term outlook. The trendline is marked by lower highs, a typical sign of weakening momentum.

Within the last 24 hours, BCH traded within a $19.76 range, fluctuating between $449.61 and $469.63. Volume notably spiked during key market movements, particularly during the drop around 18:17 and the recovery shortly after at 18:30. A micro V-shaped recovery pattern also emerged, with BCH bouncing from $449.94 to $451.31 in the final hour, suggesting temporary relief.

Support has solidified near the $450 level after multiple successful retests and heavy volume accumulation, especially between 15:00–16:00. This area could serve as a short-term floor if bearish pressure continues.

In a major regulatory development, Federal Reserve Chair Jerome Powell stated that U.S. banks can now independently determine their digital asset client base without needing prior regulatory approval. This shift removes a key hurdle to institutional crypto adoption and could boost market sentiment over time.

While BCH faces immediate technical resistance, broader macro signals—like easing regulatory barriers—may support long-term bullish potential. Until a confirmed breakout above $467 occurs, however, bearish momentum remains dominant in the near term.