BCH Surges on CME Futures Announcement, ZEC at Risk of Correction

Bitcoin Cash (BCH) has experienced one of its largest daily price increases in months after weeks of trading between $220 and $260. The surge is attributed to CME Group's announcement to launch regulated Bitcoin Cash futures in October, which has revitalized the institutional-access narrative surrounding BCH.

The initial response was amplified by derivatives positioning, with about $4.9 million in BCH short positions being liquidated over a day. However, the daily RSI has entered overbought territory, and BCH is significantly extended from its shorter moving averages on the price chart.

Zcash (ZEC) remains in an incredible uptrend, having risen from around $500 in August to surpass all major moving averages. Nevertheless, ZEC is overly stretched technically, with little support just below its current price of around $1,550.