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- Whale investors added over 66,000 Bitcoin Cash in one day, the highest since early July.
- Bitcoin Cash price trades near key resistance, with $600 in focus as bullish pressure builds.
Bitcoin Cash (BCH) price rose by over 16% this week after large holders returned to the market. As disclosed, the price moved past $570 on Wednesday, its strongest level in weeks. With more buying seen, attention is now on whether it can push closer to $600.
Whale Activity Sparks Bitcoin Cash Surge
Earlier, CNF reported that Bitcoin Cash jumped past $523 with a 6.86% daily gain, supported by bullish signals and rising demand. A new update shows the price has surged further, climbing from $483 to over $570 as of July 4.
It is worth mentioning that this latest rally comes after a large spike in whale activity. On July 29 alone, investors holding at least 1% of the BCH supply added 66,040 BCH to their wallets. That is the biggest daily inflow since July 4, when whales accumulated over 103,000 BCH.
The data, from IntoTheBlock, suggests that big holders may be preparing for further gains. Bitcoin Cash was among the top-performing assets in the top 20 this week, as many mid-cap altcoins attracted inflows from Ethereum profit-taking. The market rotation has helped BCH maintain upward pressure.
With a current market cap of $11.66 billion and a daily volume of $614.36 million, Bitcoin Cash remains active. It is trading around $585.96 as of today, up 3.25%.
On-chain data shows that it is moving near the upper end of its Bollinger Bands, where prices often face resistance. Still, the presence of strong demand from large holders points to bullish sentiment in the short term.
The recent interest in Bitcoin Cash comes as U.S. regulators focus more on crypto. As discussed earlier, the White House released a report on digital assets, calling for stronger protections and clearer rules for tokenized products. It also urged the SEC to guide blockchain-based stocks and bonds, which could shape how large investors act in the coming months.
BCH Price Tests $587 Band as Momentum Builds
Technically, Bitcoin Cash is showing signs of sustained strength. It is trading above its 20-day moving average of $585.96, while the MACD line sits above the signal line. These signs reflect growing buyer interest, although some caution remains.
Additionally, price is currently testing the upper Bollinger Band, which sits around $587. This level has triggered rejections before. If BCH closes above it, the next test would be the psychological barrier at $600, last touched in March 2024.
Traders are watching closely to see if the current run holds. A clean break above $587 could trigger a move to $610 or even $615 in early August. On the flip side, a drop below $530 could put pressure back on the bulls and send the price down toward $510.
Overall, with whale demand rising and capital shifting into Bitcoin Cash, bulls appear to have the upper hand at least for now. Beyond BCH, other altcoins are also in the spotlight at the moment. As noted in our earlier post, altcoins like Ethereum, Solana, and Tron are seeing more buzz lately, with Santiment noting they top recent social media chatter.
