Bitcoin Cash (BCH) Price Slips Below $190 as Bears Mount Sell-Orders
The price of Bitcoin Cash (BCH) fell below $190, putting the critical support at $180 at risk. However, on-chain data shows that whale investors have made fresh inflows of $6 million in September, potentially turning the tide for BCH.
Bearish traders are dominating the balance of existing BCH orders, with 395,000 active sell orders compared to 306,000 buy orders from the bulls. With new inflows of 30,000 coins worth $5.7 million, the whale investors currently control 53% of the total BCH circulating supply, giving them the potential to absorb excess supply and boost confidence among other investors.
BCH Price Prediction: Face-Off at the $180 Mark
Supported by the buying trend of the whales, the bulls could establish a strong support wall at the $180 range. The In/Out of Money Around Price data reveals that many addresses bought BCH at the maximum price of $180.29, suggesting that they may hold firm and trigger a price rebound. However, if the bearish traders break past the support level, BCH price could decline further towards $160.
If the bullish whales manage to flip the tide, BCH price could reclaim the $220 territory. However, there are strong resistance zones at key price levels, including $195, $200, and $210, that would need to be overcome first.
Hot Take: Whale Investors May Determine the Fate of Bitcoin Cash
The recent influx of whale investors and their control over the majority of BCH circulating supply could play a crucial role in determining the future of Bitcoin Cash. If these whales continue their buying trend and absorb excess supply, it could boost confidence in BCH and potentially lead to a price rebound. However, the dominance of bearish traders and resistance at key price levels pose challenges for the bulls. The battle between the whales and bears will ultimately shape the fate of BCH in the coming days.
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