Bitcoin Cash (BCH) experienced a dramatic decline, falling over 11% to trade near $359 at press time on May 18, according to data from crypto.news. The cryptocurrency dropped to its lowest level since early March, marking one of its steepest single-day declines in recent months. The sell-off occurred as part of a broader market crash that saw Bitcoin fall below $76,711, triggering over $700 million in liquidations across the crypto market in the last 24 hours. As per crypto.news, the breakdown pushed BCH below the crucial $400 support level, which had previously acted as a major floor throughout the past several months. The latest data shows nearly $620 million in long positions and $80 million in short positions were liquidated, with Ethereum witnessing liquidations far higher than BTC in the last 24 hours.
The breakdown confirms a continuation of the broader bearish trend that has remained intact since BCH failed to reclaim the $640 resistance region earlier this year. According to crypto.news analysis, momentum indicators suggest sellers remain firmly in control. The MACD indicator recently confirmed another bearish crossover, while the histogram continues printing expanding negative momentum bars. The RSI has dropped toward the oversold region near 21, reflecting extremely weak short-term buying strength following the latest sell-off. Technical analysis from the latest reports shows the S2 Pivot Point at $390 serves as crucial support, guarding the S3 Pivot Point at $361, while the S1 Pivot Point at $415 could act as support-turned-resistance if BCH resurfaces above $400. The Crypto Market Fear & Greed Index recorded a sharp drop from 48 (neutral) to 28 (greed) today, signaling deteriorating market sentiment and increased risk-off positioning.
The correction comes amid renewed weakness across the broader altcoin market as investors reduced exposure to risk assets following Bitcoin's recent rejection near local highs. As reported by crypto.news, Bitcoin Cash has struggled to sustain bullish momentum over the past several months despite periodic rebounds tied to Bitcoin rallies and renewed speculative activity surrounding legacy proof-of-work cryptocurrencies. The token has significantly underperformed BTC during the latest market cycle, with market sentiment weakening as trading activity and capital rotation increasingly shifted toward newer blockchain ecosystems. The broader crypto market sentiment is deteriorating, with CoinMarketCap's Fear and Greed Index at 28 slipping into the fear region from 48 on Thursday, signaling renewed risk-off sentiment. Top altcoins including XRP, BNB, Solana (SOL), Cardano (ADA), and Bitcoin Cash (BCH) fell 2-7% further over the past 24 hours, despite the Senate advancing the CLARITY Act.
Analysts now see the $320–$340 region as the next major downside target if BCH fails to reclaim the broken $400 support zone. According to crypto.news analysis, a breakdown below that area could expose BCH to an even deeper correction toward the psychological $300 level. On the upside, bulls would first need to reclaim the $400 region to stabilize short-term momentum. A successful recovery above that level could allow BCH to retest the next major resistance zone near $440, though broader momentum currently remains tilted heavily in favor of sellers. The latest technical analysis suggests that if BCH resurfaces above $400, the S1 Pivot Point at $415 could cap upside toward the 50-day EMA at $447. The broader market context includes oil prices gaining 2% to above $107 per barrel amid stalled US-Iran peace talks, with President Trump's visit to China doing less to pressure Iran to open the Strait of Hormuz.
