Bitcoin Cash Price Rallies to $250 As Whales Accumulate

Bitcoin’s first hard-forked version Bitcoin Cash (BCH) has recently seen its price jump by a staggering 8% in the last 24 hours. As of press time, Bitcoin Cash is trading at a price of $233 with a market cap of $4.5 billion, and trading volumes hitting $250 million.

Bitcoin Cash has demonstrated strong performance in the current month, exhibiting a noteworthy increase of 16.39%. Over the past six months, it has surged by an impressive 89.67%, indicating robust performance. Furthermore, the year-to-date return of BCH price remains positive, experiencing a substantial rise of 136.09%.

Bitcoin Cash Accumulation By Whales

Whales have been accumulating Bitcoin Cash in big numbers as per the whale wallet analysis shared by on-chain data provider Santiment.

The data illustrates that cryptocurrency whales holding between 100,000 to 10 million BCH collectively possessed 3.74 million BCH on September 18. However, as depicted in the chart below, by September 26, their holdings increased to 3.86 million BCH.

This signifies that Bitcoin Cash whales have acquired an additional 120,000 BCH, elevating their balances to levels reminiscent of those observed in July 2023. At the prevailing price of $213 per BCH, the 120,000 BCH recently obtained by Bitcoin Cash whales equate to approximately $25.6 million.

Historical patterns have consistently indicated that the substantial buying activities of whale clusters, owing to their substantial holdings, have wielded considerable influence over BCH prices. Consequently, if these long-term holders persist in retaining their holdings, BCH price enthusiasts may anticipate further gains in the coming weeks.

Bitcoin Cash Technical Chart

Over the past three months, the price of BCH cryptocurrency has exhibited a consistent downward trajectory, experiencing a 41% decline during this period. This decline has been marked by a sequence of lower highs and lows, transitioning from $309 to $183

As of the present moment, BCH cryptocurrency is trading at $229.80, finding support within a demand zone. Should BCH sustain its current level and experience an upswing, it might target the nearest resistance levels at $249.79 and $273.14.

However, in the event that BCH fails to maintain its current position, the cryptocurrency’s price may continue its descent, potentially reaching the closest support levels situated at $186.25 and $168.09.

As of the time of this report, the BCH cryptocurrency price is sailing above both the 20-day and 50-day EMAs (exponential moving averages), providing essential support to the prevailing trend.

In terms of technical indicators, the MACD line stands at 3.63, surpassing the signal line at 1.98. Importantly, both lines are situated above the zero line, and they have recently exhibited a bullish crossover within the MACD oscillator.

Additionally, the Relative Strength Index (RSI) is currently at 64.84 points, with the 14-day Simple Moving Average (SMA) positioned above the midpoint at 52 points. These collective indicators suggest a bullish outlook for Bitcoin Cash in the upcoming trading sessions

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.