Bitcoin Cash drops 10% ahead of CME futures launch
Bitcoin Cash (BCH)
Editor:
Eugene Serbin
tradersunion.com reports that Bitcoin Cash fell 10.04% on September 28 following a sharp pullback from recent outsized gains. The decline occurred despite anticipation for CME Group's planned Bitcoin Cash futures launch, pending regulatory approval. A rapid price drop triggered notable volatility, resulting in $350,000 in long position liquidations on major exchanges.
BCH trades above its 20-day moving average at $268.58 and its 50-day average at $251.27, indicating short-term bullish momentum. However, the price remains capped below the 200-day moving average at $313.13, which signals longer-term resistance. Immediate support sits at $305, while the Ichimoku Kijun at $289.6 offers a secondary support zone.
Momentum indicators like MACD and ADX show buy signals, yet the RSI at 72.77 and CCI at 113.51 suggest overbought conditions. The Stochastic RSI at 84.13 also confirms overbought territory, while Bull/Bear Power at 46.26 shows strong intraday buying. Despite these signals, a downside price gap of about $10.4 and heavy selling pressure highlight ongoing volatility. Analysts note that institutional catalysts have brought downside risk, with sellers maintaining control during the whipsaw movement.
How the market reacted
Whalio's own Binance spot order flow for BCH, measured when this story was written up on 28 September 2026. Not the outlet's figures.
BCH is currently trading at $332.40 on Binance spot markets. The 1-hour buy ratio stands at 42.6%, while the 4-hour ratio is 46.0%, both trailing the 24-hour ratio of 50.2%. This divergence suggests that buying pressure is fading in the shorter timeframes compared to the full day. The 1-hour volume delta is -$137,218, and the 4-hour delta is -$497,713, indicating net selling in recent hours. Over the last 24 hours, the volume delta is positive at +$111,374, showing that net buying occurred earlier in the day. The Cumulative Volume Delta (CVD) for the 24-hour close is -$1,900,748, reflecting that sell volume has outweighed buy volume overall. Net buying occurred for only 8 of the 24 hours, highlighting periods of sustained selling pressure.
The latest daily buy ratio of 54.1% sits at the 75th percentile of the last 322 days, against a median of 50.8% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BCH, averaged over the days leading up to the story.
Over the preceding week, BCH experienced a 31.5% price increase, driven by strong institutional interest. The 7-day average buy ratio was 52.6%, which is higher than the current 24-hour ratio of 50.2%. Trading volume today was 0.43 times the weekly average, indicating significantly lower activity. Net buying occurred on 6 of the 7 days in the previous week, with a total volume delta of +$12,801,693. This recent surge contrasts with the current day's reduced volume and fading short-term buy ratios.