Bitcoin Cash (BCH) is climbing in price, surpassing $570, driven by activity among large investors. Data shows an accumulation of BCH in significant wallets, capturing analysts' interest.
Whale Demand for Bitcoin Cash
Recent data from IntoTheBlock has shown a net inflow of 66,040 BCH to whale status addresses on Tuesday. This marks the largest accumulation since July 4. The price increase from $483 to $571 since early July confirms the relationship between large wallet movements and price increases.
Technical Indicators Analysis
BCH is trading above the 20-day moving average at $530.70, confirming a short-term uptrend. The upper Bollinger Band is at $587.10, which was previously tested and is now seen as the first obstacle to further movement. The MACD indicates potential weakening in buying pressure, but surpassing the $587 level with volume could lead to a target of $610.
Market Forecasts and Support Levels
Current trading activity in the $560-$587 range will be crucial for guiding price direction in early August. A drop below the $560 support and a breach of the 20-day moving average could risk a correction towards $510.
The rise in Bitcoin Cash, fueled by demand from large holders, suggests trends in price dynamics. Other factors, such as technical indicators and market interest, will also play significant roles in determining its future course.
