Bitcoin Cash Surges by 8% in 24 Hours
Bitcoin Cash (BCH) has experienced a significant price increase of 8% in the past day, reaching a trading price of $233. Its market cap is now at $4.5 billion, with trading volumes reaching $250 million.
The cryptocurrency has shown strong performance, with a 16.39% increase this month and an impressive surge of 89.67% over the past six months. Its year-to-date return stands at 136.09%, indicating positive growth.
Whale Accumulation of Bitcoin Cash
Data from on-chain data provider Santiment reveals that cryptocurrency whales holding between 100,000 to 10 million BCH have been accumulating Bitcoin Cash in large numbers. On September 18, these whales collectively held 3.74 million BCH, which increased to 3.86 million BCH by September 26.
This accumulation suggests that Bitcoin Cash whales have acquired an additional 120,000 BCH, bringing their balances to levels similar to those observed in July 2023. At the current price of $213 per BCH, this equates to approximately $25.6 million.
Historical patterns indicate that the buying activities of whale clusters have had a significant impact on BCH prices due to their substantial holdings. If these long-term holders continue to retain their holdings, it is possible that BCH prices will experience further gains in the coming weeks.
Bitcoin Cash Technical Analysis
Over the past three months, the price of BCH has been on a consistent downward trend, experiencing a 41% decline from $309 to $183. However, the cryptocurrency is currently trading at $229.80 and finding support within a demand zone.
If BCH can sustain its current level and experience an upswing, it may target resistance levels at $249.79 and $273.14. On the other hand, if it fails to maintain its position, the price may continue to decline towards support levels at $186.25 and $168.09.
Technical indicators show that BCH is currently trading above both the 20-day and 50-day EMAs, providing support for the prevailing trend. The MACD line is at 3.63, surpassing the signal line at 1.98, indicating a bullish crossover in the MACD oscillator.
The Relative Strength Index (RSI) is at 64.84 points, with the 14-day Simple Moving Average (SMA) positioned above the midpoint at 52 points. These indicators suggest a bullish outlook for Bitcoin Cash in future trading sessions.
Hot Take: Bitcoin Cash Shows Strong Performance with Whales Accumulating
Bitcoin Cash has demonstrated strong performance recently, with an 8% price increase in the past 24 hours and significant gains over the past six months. Whales holding large amounts of BCH have been accumulating more of the cryptocurrency, indicating confidence in its future prospects.
The technical analysis also suggests potential upward movement for BCH if it can maintain its current level and overcome resistance levels. With positive indicators such as trading above EMAs and a bullish MACD crossover, Bitcoin Cash may continue to perform well in upcoming trading sessions.
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