Recent transaction data for Bitcoin Cash shows a significant increase in the activity of large holders, drawing attention from analysts and traders.
Whale Activity Data
According to data from analytics firm IntoTheBlock, the volume of large transactions for Bitcoin Cash, defined as transactions over $100,000, has surged by 122.45% in the past 24 hours, amounting to $481.97 million or 957,440 BCH. This increase has drawn interest from traders, raising questions about the reasons behind this activity from the market's largest holders.
Bitcoin Cash Price Dynamics
Bitcoin Cash recently reached a seven-month high above $520, with analysts attributing this spike to whale activity rather than retail traders. Since January, Bitcoin Cash has seen occasional spikes in large transaction volumes, most notably on February 21 when large transaction volume jumped to 3.93 million BCH.
Future Prospects for Bitcoin Cash
At present, Bitcoin Cash is priced at $485, down 2.88% in the last 24 hours amid a broader market decline. Despite this drop, a golden cross has formed on the Bitcoin Cash hourly chart, which may indicate the potential for a bullish momentum resurgence. If bullish momentum returns, BCH could attempt to establish $500 as long-term support, with the potential to test $600.
The activity of large holders in Bitcoin Cash indicates potential changes in the market, which may influence the coin's price in the future.
