Bitcoin Cash Slides 12% Amid Hawkish Fears

Bitcoin Cash (BCH) has been on a downward trend, dropping 12% in the past week and 7.7% in the last 24 hours. The sudden price reaction was likely due to fears of a hawkish Federal Reserve policy, led by Chair Kevin Warsh's speech at Jackson Hole.

Open Interest for BCH has decreased by 9.6%, indicating bearish short-term pressure on the altcoin. Long-term analysis also shows a bearish trend. Since May, BCH has traded outside its established range, with August's rally only retesting lower bounds as resistance.

The technical indicators are firmly bearish, with CMF at -0.24 and RSI at 39 indicating heavy capital outflows and prevalent bearish momentum. The OBV is trending downward, suggesting a continued downward trend.