Bitcoin Cash (BCH) showcased significant ecosystem advancements at the Cash 3.0 conference (July 31–August 2), including a self-custodial NFC payment card and a zk-SNARK shielded pool for privacy, though the latter remains on the test network. However, these positive developments have not translated into market momentum. The 1-day chart shows a firmly bearish structure, with the price bleeding from a recent bounce and resistance zones limiting upward movement. Technical indicators like the RSI and CMF suggest persistent seller dominance, confirming that bearish momentum still holds a slight edge over buyer interest.
Bitcoin Cash [BCH] displayed notable ecosystem progress at the recent Cash 3.0 conference, which took place between July 31 and August 2. Demonstrations included a self-custodial NFC payment card by Paytaca, alongside merchant payment terminals and applications for payroll, freelancing, and lending.
Another major development was a zk-SNARK shielded pool designed to enhance transaction privacy. This feature currently operates only on the test network Chipnet, but ongoing development efforts could raise public enthusiasm in the future.
This public interest was not yet evident on the price charts, as the market structure remained firmly bearish. The long-term support level at $188 was tested in June and defended, leading to a bounce toward $250.
However, this bounce has been slowly bleeding over the past month. The Chaikin Money Flow (CMF) saw an uptick over the past week and climbed back into neutral territory between +0.05 and -0.05, yet it does not show sizable capital flow signaling a new short-term trend.
The Relative Strength Index (RSI) was stubbornly below the neutral 50 mark, indicating that bearish momentum still holds a slight edge. The $250-$280 area is a notable higher timeframe supply zone that requires consistent buying pressure to surpass.
Additionally, the former long-term range low at $272 will also oppose upward price moves. As things stand, a bearish bias for BCH is warranted based on the technical data.
On the 4-hour timeframe, a bullish structure was established in early July when a former local high at $231.1 was breached. Since making a swing high at $255.1, the altcoin has been in a retracement phase.
Since mid-July, BCH has only managed to bounce high enough to test local supply zones, such as $226 and $220, before falling lower. The expectation is for more of the same price action, with a potential drop below $200.
A retest of that $200 level as resistance could present a selling opportunity, aligning with the higher-timeframe bearish trend. While the improved merchant tools and payment infrastructure provide a hopeful sign for long-term investors, these advancements have not translated into heightened buying pressure or short-term price gains.
