Bitcoin Cash Miners’ Reserve Wallets See Decrease in Deposits
The number of Bitcoin Cash deposits in recognized Miners’ Reserve wallets has fallen below 6 million BCH for the first time since November 2018. This decrease in deposits could have implications for the price of BCH in the coming weeks.
Miners Offload $225M Since BCH Price Peak
Since Bitcoin Cash’s price reached its peak in 2023, BCH miners have been offloading their reserves, taking advantage of favorable prices. Data shows that the miners have sold off 1.17 million BCH, equivalent to $225 million, since June 30.
Decline in Whale Transactions Raises Concerns
Another concerning trend for Bitcoin Cash holders is the decline in whale transactions. The number of large transactions on the BCH network has been steadily decreasing over the past three months, indicating a bearish signal and reduced market liquidity.
Possible Reversal Below $150
The mounting bearish pressure and declining whale activity could potentially lead to a reversal in the Bitcoin Cash price, with a potential drop below $150. However, there are challenges at the $170 level that could trigger a rebound if defended by holders.
Closing Hot Take: Bears and bulls are battling it out in the Bitcoin Cash market, with the potential for a price drop below $150 or a rebound above $250. The decisions made by miners and large investors will play a significant role in the future direction of BCH.
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