BCH Price Soars, But Selling Pressure and Technicals Weigh

BCH has exploded by 11.91% in one day to $248.10, but top traders' long positions are being met with aggressive selling pressure.

The rally's anatomy is concerning, open interest plummeted 17.91%, a short-squeeze fingerprint indicating the bounce was mechanically violent rather than driven by fresh buyers.

BCH is trading above its near-term moving averages, but the 200-day SMA sits at $319.35, 28% above current price, weighing heavily on rally attempts.

Momentum is sitting at a knife's edge, the MACD histogram has flatlined at zero, a coiled spring waiting to release in either direction.