BCH's performance in recent days has been quite interesting — the long and short positions across the entire network are actually perfectly balanced at 50 to 50. It looks very balanced, but this kind of balance is actually very fragile. The liquidation data from the past 24 hours highlights the issue: longs have lost $648,000, which is twice the amount lost by shorts. What does this mean? The longs are being squeezed.

Technical signals are also warning. The price is firmly held down by EMA7 and EMA25, limiting upward movement; the MACD indicator is below the zero line, lacking upward momentum. The key support level is at $620, which now appears to be precarious.

From a trading perspective, the opportunity points are actually quite clear. A rebound to the $640-$645 range is an ideal short entry point; this rebound is caused by technical resistance and is not strong enough. If the price really breaks below $620, that’s a signal to add to positions, and the trend will be further confirmed. Set the stop loss at $655 and strictly follow risk management. Regarding targets, the first target is at $620; if the price continues to break down, then look at $585.

The most interesting aspect of this market is that the seemingly balanced situation is often broken by the party with the largest losses. Currently, the pressure on the longs is the greatest, so the direction is clear. Trading ultimately is a game of probabilities; seizing high-probability opportunities is the right approach.