Bitcoin Cash price plunged to a 40-day low of $390 as the crypto market crash extended further on Friday.
On-chain data trends shows traders have emptied 40,000 active BCH wallets within the last three days. From a technical standpoint, BCH bulls now face a strong challenge breaching the $450 resistance level. On-chain data trends show a large number of existing BCH holders emptying their wallets amid the market dip.
This data points to a significant exodus of BCH holders, with 40,000 wallets liquidating their entire holdings during the market downturn. Such widespread capitulation underscores the heightened anxiety among investors, many of whom appear to be retreating amid the current uncertainty. This trend signals potential downside risks for BCH in the near term. The first concern is the apparent loss of investor confidence.
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