Bitcoin Cash Price Plunges Amid Hawkish Fears

Bitcoin Cash (BCH) has seen a significant drop in value over the past week, falling by 12% and extending its decline to 7.7% in the last 24 hours.

The sudden downturn was attributed to hawkish fears following Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.

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

According to long-term charts, BCH has traded within a range since May and its recent rally only retested the lower bounds of this range as resistance.

The technical indicators showed heavy capital outflows, with the CMF at -0.24 and RSI at 39, indicating bearish momentum was prevalent.