Market Overview: Bitcoin Cash/Tether (BCHUSDT) 24-Hour Analysis

Summary
• Price action showed a deep bearish reversal from 606.3 to 593.3 amid high-volume breakdown.
• 20-period MA failed to hold as momentum shifted with bearish divergence on RSI.
• Volatility expanded sharply during the early ET session, but later consolidated near 599.5.
• A long lower shadow in early morning ET hinted at short-covering near 596.0.
• Turnover surged during the 04:00–06:00 ET selloff, confirming bearish sentiment.

Bitcoin Cash/Tether (BCHUSDT) opened at $605.6 on 2026-01-16 12:00 ET, reached a high of $606.3, a low of $593.3, and closed at $596.2 as of 2026-01-17 12:00 ET. The 24-hour trading volume was 27,948.84 BCH with $16,496,846.60 in notional turnover.

Structure & Formations

Price tested and broke below a key 50-period (5-min) moving average at ~602.5, confirming a bearish shift. A deep bearish candle on 2026-01-17 04:00 ET with a long lower shadow (599.5 → 596.0) suggested short-covering and potential near-term support. The 61.8% Fibonacci retracement level from the high (606.3) to the low (593.3) sits at ~596.5, offering a potential short-term floor.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart both turned bearish, with price closing below both. RSI flattened near 30, signaling oversold conditions, but failed to show a bullish reversal. MACD crossed into negative territory with bearish divergence, reinforcing that the bearish momentum appears to be gaining control.

Volatility and Bollinger Bands

Bollinger Bands showed a significant expansion during the 04:00–06:00 ET window, as price dropped 599.5 to 593.3. Price later consolidated within a narrow range between 594.0 and 599.5, with volatility showing early signs of contraction. The 20-period Bollinger Band width suggests a potential consolidation phase could continue.

Volume and Turnover

Trading volume and notional turnover spiked during the early morning ET selloff, with volume hitting 3,803 BCH and turnover over $2.2 million at 03:30–04:00 ET. Volume remained elevated as price consolidated, suggesting continued interest and a lack of immediate bullish follow-through.

Price may continue to test the 596.5 support level in the next 24 hours, with a risk of a deeper correction if short-term buyers fail to emerge. A breakout above 600.5 could signal a bearish rebound, but the overall bias remains cautious.