Bitcoin (BTC)'s first hard fork, Bitcoin Cash (BCH), has seen a staggering 10% increase in price over the past 24 hours. As of this writing, Bitcoin Cash has a market cap of $4.63 billion, trading over $500 million, and a trading price of $237.47. Bitcoin Cash is up a sharp 23% this month, performing strongly. In the last six months, it has increased by an impressive 89.67%. In addition, BCH has had a positive return of 136.09% since the beginning of the year. Let's take a closer look at the next evolution of Bitcoin Cash.
Whales continue to accumulate BCH
Analysis of whale wallets shared by on-chain data provider Santiment suggests that whales are accumulating large amounts of Bitcoin Cash. Crypto whales holding between 100,000 and 10 million BCH held a total of 3.74 million BCH on September 18, the data showed. In addition, by September 26, the amount of BTC held by these whales increased to 3.86 million BCH.
This indicates that Bitcoin Cash whale holdings increased by 120,000 BCH, reaching July levels. Bitcoin Cash Whale recently bought 120,000 BCHs for $213 per BCH, or about $25.6 million.
Past patterns suggest that whale purchases have a significant impact on the price of BCH. Therefore, this suggests that the continued holding of their assets by these long-term investors will lead to a further increase in the price of BCH in the coming weeks.
Bitcoin Cash's technology outlook
The price of BCH has been in a continuous downward trend over the past three months, falling 41% during that period. This drop caused the price to drop from $309 to $183.
Currently, BCH is trading at the above $237.47 and finding support within the demand zone. If BCH maintains current levels and moves upwards, the recent resistance levels to watch are $249.79 and $273.14. However, if BCH fails to maintain its current position, the price may continue to fall, possibly touching the nearest support levels of $186.25 and $168.09.
BCH is currently trading above the 20- and 50-day Exponential Moving Average (EMA), providing important support to the dominant trend in the price chart. In terms of technical indicators, the MACD line is located at 3.63 and crosses the signal line at 1.98. In addition, both lines are currently above the zero line.
Furthermore, the Relative Strength Index (RSI) is currently at 64.84 with the 14-day Simple Moving Average (SMA) above the midpoint of 52. All of these indicators indicate that the price of Bitcoin Cash is likely to rise during the trading session in the coming period.