Bitcoin Cash Price Drops 12% Amid Hawkish Fears and Bearish Technical Indicators

Bitcoin Cash (BCH) has experienced a significant price drop in recent days. Over the past week, it has shed 12%, and in the last 24 hours, its value decreased by 7.7%. This bearish trend is attributed to hawkish fears following Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.

The Open Interest for BCH was down 9.6% in a day, reinforcing short-term bearish pressure on the altcoin. Moreover, the long-term trend was also bearish.

BCH has been trading within a range for two years, but it lost this range in May. The recent rally only served as a retest of the lower bounds of this long-term range as resistance, and the rejection at $300 showed that sellers still have the upper hand.