Bitcoin Cash (BCH) traded near $262 on Saturday, its lowest level since September, after two sessions of losses. Bitcoin’s slide below $75,000 is weighing on risk assets, while Zcash (ZEC) has rallied following the NU7 network upgrade. The divergence reflects two separate forces: broad market pressure and a protocol-specific narrative.
🔑 Key Takeaways
- BCH trades near $262, below its 100-day moving average and close to $260 support.
- Bitcoin slips below $75,000, down more than 10% on the week, with $1 billion in net spot ETF outflows.
- ZEC gained 8 to 11% after NU7 and holds around $1,300.
- About 12,200 ZEC locked in the Sprout pool became impossible to spend.
Bitcoin Cash Breaks to a September Low
BCH traded around $262 on the morning of Saturday, November 7, after a 6.5% drop on Thursday and a further 4.5% decline on Friday, according to CryptoTicker. The price slipped back below its 100-day moving average, a trend indicator built from the last 100 daily closes and a level traders watch as the line between a correction and a trend reversal. Volume rose during the decline, which analysts read as deliberate selling rather than a simple lack of buyers.
The $260 support, already tested on Thursday, was the level seen before the September lows. There was no specific negative announcement or security incident. Analysts attribute the drop to BCH’s high beta relative to bitcoin: historical forks tend to fall further when BTC loses more than 10% in a week.
| Reference | Level | Context |
|---|---|---|
| BCH support | $260 | Tested Thursday, touched again Friday |
| BCH on June 2, 2026 | $293.04 | CoinGecko data via Statista |
| 2017 peak | nearly $2,500 | Historical high of the cycle |
Statista’s chart, which covers December 11, 2020 to June 2, 2026, shows prices ranging from $88.58 to $1,547.08. Statista describes BCH as a separately traded variant of bitcoin, which partly explains its sensitivity to BTC moves.
A Similar Rotation Played Out in September
On September 23, bitcoin reached $87,300 before falling back to $85,500 and stabilizing between $85,800 and $86,000. BCH had jumped 28% in 24 hours to nearly $349, while ZEC rose 9% to about $1,646. The move coincided with CME Group’s announcement of futures contracts on BCH and Uniswap starting October 19.
Analysts interpreted the rally as a temporary rotation of capital into altcoins rather than an exodus from bitcoin. In their view, similar rotations had slowed BTC in earlier episodes without reversing its underlying trend, as dips drew fresh buyers. The BCH rebound, however, faded quickly, a reminder of how fragile such moves can be.
Zcash Activates NU7
Zcash activated NU7 overnight from November 5 to 6. The upgrade cuts block time from 75 to 25 seconds, making shielded transactions more responsive. Shielded transactions are secured by zero-knowledge proofs, a cryptographic method that validates a transaction without revealing its data. The upgrade also permanently closes the Sprout pool, the network’s first-generation private transaction system launched in 2016, under ZIP 2003.
- About 12,200 ZEC still locked in Sprout, roughly $16 million at the quoted price, became impossible to spend.
- ZEC gained between 8 and 11% after activation and held around $1,300 on Saturday morning, against the broader crypto trend.
- Zcash is celebrating its tenth anniversary. One of its co-founders proposed reducing or cutting developer grant funding, making governance the next issue after NU7.
The market was set to test the strength of the rally at the Sunday Asian open, when Taipei would activate its stock market stabilization fund. ZEC needed to show that its post-NU7 gains did not rest solely on novelty.
Bitcoin Slides Below $75,000
The bitcoin decline began on Tuesday, November 3. At 3:50 p.m. ET, BTC had shed 0.7% to $77,333.9, its lowest level since early September, and was down more than 6% for October. The usual October rally in crypto failed to materialize for a second consecutive year. An Investing.com report by Ambar Warrick, republished by Yahoo Finance, attributed the drop to US regulatory uncertainty after the midterm elections, outflows from spot ETFs and the technology backdrop.
The theft of more than $6 billion in assets from Binance over the previous weekend weighed heavily on sentiment. Binance gradually restored withdrawals during the week and said it would cover the full losses of its customers. Between the hack and Wednesday, spot bitcoin ETFs recorded $1 billion in net outflows, of which roughly $900 million came from BlackRock’s IBIT.
On Thursday, November 5, bitcoin dipped below $76,000, its lowest level in seven weeks, with a decline of up to 5.8%. The Nasdaq 100 fell 6.4%, with chipmakers at the forefront. According to Bloomberg, the tech sell-off stemmed from weak earnings forecasts and growing concern over excessive AI spending, with a Democratic-led Congress expected to scrutinize it more closely. Treasury yields had eased, which could otherwise have supported speculative assets, but retail interest was already fading.
“Most of the coins held by short-term holders are now held at a loss”
Glassnode analysts, research note
A month earlier, nearly all coins held by short-term holders, defined as investors who bought in the previous 155 days, were in profit. That share has since shrunk along with the sell-off.
What Analysts Are Saying
Vetle Lunde, head of research at K33, linked bitcoin’s decline to the slump in technology stocks. Michael O’Rourke, chief market strategist at JonesTrading, described the move as part of a broader de-risking across markets.
“Huge correlated move as the Nasdaq is about to have its worst daily performance of 2026”
Vetle Lunde, Head of Research, K33
On regulation, a Democratic sweep of Congress, where Republicans currently hold both chambers, would effectively eliminate prospects for new crypto-friendly legislation over the next two years. A Republican defeat would limit those prospects mainly to the executive branch, which can shift with each administration. The key bill, known as the CLARITY Act, had failed to clear Congress earlier this year.
The macro backdrop in September had also been unfavorable. WTI crude had rebounded more than $2 from a low of $90.93 a barrel, the two-year Treasury yield reached 4.79%, a cycle high, and the odds of a Federal Reserve rate hike in October exceeded 53%.
Despite this, BlackRock kept buying bitcoin. According to Arkham, its IBIT ETF received $1.02 billion over four sessions, and the firm held 787,075 BTC, worth $67.77 billion, within a total crypto portfolio of $77.6 billion. Over the previous 12 to 16 hours, nearly identical transfers of 300 BTC, about $25.9 million each, left Coinbase Prime’s hot wallet at regular intervals. On-chain analyst Rafael, known as @n3ocortex, noted that bitcoin’s 30-day moving average had moved back above its 50-week moving average, a configuration not seen since 2023. Such crossovers have often preceded extended bull phases, without guaranteeing one.
On Saturday, November 7, bitcoin fell below $75,000. After roughly $1 billion in liquidations over the weekend, order books were thin and bid-ask spreads could widen within minutes. BCH remained below its 100-day moving average, while ZEC needed to hold part of its post-NU7 gains despite shallow market depth.
Outlook and Scenarios
In the near term, several scenarios are taking shape. Holding above $75,000 while ETF flows turn positive would allow bitcoin to retest the $77,000 area. For BCH, a sustained close below $260 would open the way to the September lows, while a recovery above the 100-day moving average would be the first sign of stabilization. For ZEC, the durability of the rally will depend on real network activity and on how the governance debate unfolds.
A bearish scenario would rest on continued capital outflows and sustained pressure on technology stocks. A more constructive path would rely on moving average crossovers and a rebound among chipmakers. In every case, volatility remains elevated and liquidity thin.
Sources
- Journal du Coin, Bitcoin Cash and Zcash, November 7, 2026
- Yahoo Finance, republished Investing.com bitcoin report
- Statista, Bitcoin Cash price history (CoinGecko data)
- CoinTribune via TradingView
- Quartz, bitcoin at a seven-week low
- Investing.com, bitcoin falls to its lowest level in a month
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
