Recently, Bitcoin Cash (BCH) has demonstrated noticeable growth, surpassing the $570 mark due to accumulation by larger holders. Let's examine the main influencing factors and analyze technical levels.
Reasons Whales Are Interested in Bitcoin Cash
According to data from IntoTheBlock, a net inflow of 66,040 BCH was recorded into wallets holding at least 1% of the total supply. This marks the largest whale accumulation since July 4. Previous data indicates a purchase of 103,520 BCH four weeks ago, suggesting a persistent interest from large players in Bitcoin Cash.
Technical Indicators on the Path to $600
The current BCH price exceeds the 20-day moving average of $530.70, confirming an uptrend. The Bollinger Band indicator highlights $587.10 as the next crucial barrier for further upward movement. The MACD shows a reading of 21.20, above the signal line at 17.40, hinting at reduced buying activity.
Prospects for Bitcoin Cash in August
Should BCH break past the $587 mark with strong volume, it could test the March peak near $610. Conversely, falling below the $560 level could trigger a pullback towards $510.
The dynamics of Bitcoin Cash draw interest from market participants, especially due to whale activity and key resistance levels. The outlook for BCH in August depends on sustained interest from large holders and its capacity to overcome technical barriers.
