Bitcoin Cash (BCH) Surges 8% Amidst Heavy Accumulation by Whales

Bitcoin Cash (BCH) Surges 8%,Bitcoin Cash (BCH) Surges 8%

The amazing 8% price increase of Bitcoin Cash (BCH) in the previous day has caused quite a stir in the cryptocurrency market. With a market capitalization of $4.5 billion and a significant trading volume of $250 million, BCH is currently trading at $233 as of this writing.

Throughout the current month, Bitcoin Cash’s performance has been strong, with a remarkable 16.39% growth. BCH has increased by an astounding 89.67% over the last six months, proving its durability. Moreover, investors in BCH have seen a significant increase of 136.09% in their year-to-date return, which is still favourable.

Bitcoin Cash (BCH) Surges 8%
Source: Freepik

Whales of Bitcoin Cash Are Ahead

The major Bitcoin Cash investors, known as whales, have been steadily building up their BCH holdings, according to on-chain data provider Santiment. According to an analysis of whale wallets, on September 18, those who had between 100,000 and 10 million BCH together held 3.74 million BCH. But on September 26, their holdings had grown to 3.86 million BCH, as seen in the graphic below.

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Based on this data, it appears that whales of Bitcoin Cash have added another 120,000 BCH to their holdings, bringing them closer to the levels seen in July 2023. With the current price of BCH at $213, the 120,000 BCH that these whales have just amassed is worth about $25.6 million.

In the past, whale clusters’ purchasing actions have had a significant impact on BCH prices due to their large holdings. Consequently, investors may expect more price increases in the upcoming weeks if these long-term holders decide to stick onto their BCH.

The Technical Analysis of Bitcoin Cash

That being said, the price of BCH has consistently declined over the last three months, falling 41% in total. The drop from $309 to $183 has been characterised by a series of decreasing highs and lows.

At $229.80, BCH is now trading and is supported by a demand area. If BCH stays at this level and rises, it may aim for the closest resistance levels, which are $249.79 and $273.14.

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But if BCH loses its position, the price of the cryptocurrency can drop further lower and perhaps hit the nearest support levels, which are $186.25 and $168.09.

As of the time of writing, the price of the cryptocurrency BCH is above the 20-day and 50-day Exponential Moving Averages (EMAs), giving the current trend significant support.

Technically speaking, the MACD line (moving average convergence divergence) is higher at 3.63 than the signal line, which is 1.98. Both lines are noteworthy since they are above the zero line and because they just showed a bullish crossing in the MACD oscillator.

In addition, the 14-day Simple Moving Average (SMA) is 52 points above the midpoint, and the Relative Strength Index (RSI) is now at 64.84 points. The combination of these factors points to a bullish trading session prognosis for Bitcoin Cash.

Bitcoin Cash (BCH) Surges 8%,Bitcoin Cash (BCH) Surges 8%,Bitcoin Cash (BCH) Surges 8%,increases,Bitcoin Cash (BCH) Surges 8%,increases

Bitcoin Cash (BCH) Surges 8%,Bitcoin Cash (BCH) Surges 8%

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