Market Overview for Bitcoin Cash (BCHUSDT)

Summary
• Bitcoin Cash fell from $578 to $558 over 24 hours amid bearish momentum and diverging volume.
• Key support at $562–$563 held temporarily, but RSI remains in oversold territory.
• Volatility expanded as Bollinger Bands widened, reflecting uncertain sentiment.
• A large bullish candle near $570–$571 suggests potential for short-term bounce.

Bitcoin Cash (BCHUSDT) opened at $574.1 on 2025-07-31 at 12:00 ET, reached a high of $578.2, dipped to a low of $553.0, and closed at $561.5 at 12:00 ET on 2025-08-01. The 24-hour trading volume was approximately 36,153.8 BCH, with a notional turnover of around $19.6 million.

Structure & Formations

Price action on the 15-minute chart revealed a bearish trend, with BCHUSDT falling below key support levels at $570 and $565. A large bullish candle near $570–$571 suggested a temporary rejection of lower prices, but failed to close above the previous session’s high. A bearish engulfing pattern was observed around $574–$569, signaling potential continuation of the downtrend.

Moving Averages

On the 15-minute chart, price remained below the 20-period and 50-period moving averages, reinforcing the bearish bias. On the daily chart, the 50-period and 100-period moving averages appear to be converging, suggesting a possible trend reversal if price closes above these lines in the coming days.

MACD & RSI

The MACD crossed below the signal line, indicating weakening bullish momentum. RSI dropped into oversold territory (below 30), which may suggest a short-term bounce, but without a corresponding increase in volume, the likelihood of a sustained recovery is limited. Divergence between price and RSI suggests caution for longs.

Bollinger Bands

Volatility increased as Bollinger Bands widened, with price frequently trading near the lower band. This suggests heightened uncertainty and risk of a mean reversion or breakout. The expansion also indicates increased trading activity and sentiment swings.

Volume & Turnover

Volume spiked during the late evening hours (ET), particularly in the $570–$565 range, but failed to confirm a bullish reversal. Notional turnover also increased during these periods, aligning with price declines. Divergence between price and volume suggests weak conviction in the current trend.

Fibonacci Retracements

On the 15-minute chart, price tested the 61.8% Fibonacci retracement level at $563.5 before retreating. On the daily chart, the 38.2% retracement level at $575.6 appears to be a key resistance, which may need to be cleared for a more confident bullish case.

Bitcoin Cash may find a short-term floor around $560–$563, but further weakness into $550 levels cannot be ruled out if buyers remain absent. Investors should closely monitor volume and RSI for signs of reversal, while being mindful of the risk of a continuation of the bearish trend.