BCH Price Pulls Back Amid Overbought Conditions, Smart Money Remains Bullish
BCH price surged to $366 before experiencing a sharp pullback to $340. The RSI is overbought at 76, and the price has punched through its upper Bollinger Band.
Despite the overbought conditions, smart money isn't flinching. Open interest on Binance futures jumped 13.3% in 24 hours to over $175 million, indicating new conviction capital entering the trade.
The underlying trend remains firmly bullish, with every major moving average trading below spot price. The SMA 200 at $314.80 is acting as a gravitational anchor well beneath current price.
The next 48 hours will be crucial in determining the direction of BCH. A successful retest of $320 support would be the green light for the next leg, with a target of $362.97 and potentially breaking through to $385.83.