Nobody's buying it to spend, they're bottom-fishing a narrative that dies every cycle, and they're going to get punished for it again.

Said the exact same thing in 2022. Narrative died, price tripled. Maybe you're right this time though.

Tripling in a dead market doesn't mean anyone actually used it to buy anything.

Price finding a floor after a utility cycle isn't dead money, it's distribution finding buyers before the next leg, you're confusing quiet with finished.

Floor finding takes longer when the sellers aren't in a hurry.

The wick wasn't rejection, BCH just doesn't have enough bid depth at those levels to absorb even moderate sell pressure cleanly, that's a liquidity gap, not the market saying no.

Call it a liquidity gap if you want, but price rejected off that level twice now, at some point the chart stops caring about your reason.

Two rejections isn't a pattern, it's barely a coincidence, BCH has been doing this yo-yo thing since the fork drama and it's bounced hard off worse-looking setups than this.