Market Overview for Bitcoin Cash

• Bitcoin Cash dropped ~8.5% in 24 hours, with a sharp sell-off from $600 to $559.
• A large bearish engulfing pattern formed at $600–$583.6, signaling strong selling pressure.
• RSI entered oversold territory near 30, but price remains below 20-period moving average.
• Bollinger Bands widened following the breakdown, confirming increased volatility.
• Turnover surged during the early part of the session before fading amid consolidation.

Bitcoin Cash (BCHUSDT) opened at $595.1 on 2025-08-24 12:00 ET, hit a high of $600.0, and closed at $559.0 at 12:00 ET on 2025-08-25. The 24-hour volume was 19,265.62 units, and notional turnover totaled ~$10.97 million. Price action was bearish, marked by a breakdown below key support levels and elevated volatility.

Structure & Formations

Price broke below the 20-period 15-minute moving average and tested a critical support level at $585. A bearish engulfing pattern formed during the 19:45–20:00 ET timeframe as price collapsed from $600 to $583.6 on heavy volume. A potential support cluster appears to be forming between $558.3 and $563.8, with a 61.8% Fibonacci retracement level at ~$572.5. A failure to reclaim above $585 may lead to further testing of the $550 level.

Moving Averages

On the 15-minute chart, price closed below both the 20-period and 50-period moving averages, reinforcing bearish momentum. On the daily timeframe, the 50-period MA is at ~$573.3, while the 200-period MA sits near $592.3. The price remains in a bearish crossover configuration with no clear signs of a reversal.

MACD & RSI

MACD lines showed a bearish divergence, with the histogram contracting after a sharp sell-off. The RSI dropped into oversold territory (~30), but price action remains bearish with no confirmation of a bounce. A strong rebound above $575 would be needed to suggest a potential reversal.

Bollinger Bands

Bollinger Bands expanded significantly following the breakdown from $600, confirming increased volatility. Price closed near the lower band, and a reversal from this level could suggest short-term support. Traders should monitor for a potential bounce or a continued bearish drift toward the band’s lower end.

Volume & Turnover

Volume spiked during the initial breakdown at 19:45–20:00 ET with ~4,681 units traded, confirming the move lower. However, turnover faded after 06:00 ET as the price consolidated, suggesting reduced conviction in the bearish move. A new volume spike on a potential rebound would be important for validation.

Fibonacci Retracements

On the 15-minute chart, the 38.2% and 61.8% retracements of the $583.6–$599.9 move sit at $589.8 and $595.2, respectively. On the daily timeframe, the 38.2% retracement from the recent swing high is at ~$579.4, offering a near-term support target. A close below $563.8 may prompt testing of the 61.8% level near $554.

Bitcoin Cash may continue its bearish momentum in the near term if the $563.8 level fails to hold. A rebound above $575 could indicate a short-term bounce, but without confirmation from volume and momentum, a test of the $550 level remains a risk for the next 24 hours. Investors should remain cautious and monitor key support levels for signs of reversal.