BCH Price Surges but Open Interest Collapse Suggests Leverage Flush

The BCH price surged by 8.66% to $282.20 on August 22, but open interest plummeted by 30.67%. Iris Coleman notes that this smells like a leveraged short squeeze rather than a structural breakout.

The chart shows a violent daily candle with an upper wick indicating that buyers were turned away at the $307 resistance zone. Momentum has flatlined, and the RSI is pinned at 79.35.

Coleman emphasizes that the single most damning data point is the collapse of open interest on Binance futures, which is a sign of forced position unwinding rather than institutional accumulation.