Key Takeaways:
- Bitcoin Cash fell to a new 2025 low on June 3, breaking multi-year support
- Trading volume surged 40% as open interest dropped 18% to $320 million
- Next major support sits near 2024 lows around $150, a 30% decline from current levels
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BCH breaks multi-year support, hits 2025 low as selling pressure mounts
Bitcoin Cash fell to a new 2025 low on June 3, breaking through a multi-year support level that had contained price action since 2023. The decline accelerated after BCH failed to hold the $220 zone, a level that had served as a floor for more than two years, according to CoinGecko data.
"The break of this multi-year support is significant because it removes the last structural defense for BCH bulls," said Jason Wu, on-chain analyst at Edgen. "If this level fails to reclaim quickly, the next major demand zone sits near the 2024 lows around $150."
Trading volume surged 40% in the 24 hours following the breakdown, with sell orders concentrated on Binance and OKX, exchange data shows. Open interest in BCH futures fell 18% to $320 million as long positions were liquidated, per Coinglass. The move also dragged down other proof-of-work tokens, with Bitcoin SV falling 6% and Litecoin losing 4% in the same period.
The breakdown puts BCH on track to test its 2024 lows near $150, a decline of roughly 30% from current levels. A failure to hold that zone would mark the lowest price for the token since November 2022, when crypto markets were reeling from the FTX collapse. The next catalyst for BCH will be the June 12 monthly options expiry, where $25 million in open interest sits at the $200 strike, potentially adding to selling pressure if the token remains below that level.
This article is for informational purposes only and does not constitute investment advice.
