Key Takeaways:
- Bitcoin Cash (BCH) has surged 75% over the last 90 days, peaking at $526.5 on July 1 before declining just below $485.
- Whale transactions increased by 122% on July 4, with a total value of $482 million tracked by IntoTheBlock.
- A golden cross pattern on the hourly chart suggests ongoing bullish momentum even as network utilization drops to a six-year low.
Bitcoin Cash recently traded at $482.54 on July 5, reflecting a 0.23% decrease within the last 24 hours, following a broader market retreat after reaching multi-month highs.
On July 1, BCH hit $526.5, fueled by market excitement, growing whale purchases, and speculative inflows that propelled its price over 75% in three months.
Bitcoin Cash showing performance trends
Bitcoin Cash retreats from its eight-month peak amid rising whale activities.
Despite the impressive gains, on-chain metrics indicate diminishing usage, with daily active wallet addresses for BCH falling to six-year lows. This situation implies that the recent surge is largely driven by speculative interest rather than enhanced user engagement.
Moreover, open interest in BCH derivatives has climbed 27.4% in the last week, reaching $578 million, with analysts closely monitoring the support levels between $478 and $508.
On July 4, IntoTheBlock reported an astounding 122.45% rise in transactions over $100,000, totaling 957,440 BCH worth approximately $482 million. This jump in transactions signals potential future price movements, reminiscent of spikes seen earlier in the year that heralded significant price shifts.
Additionally, a notable transaction on July 5 involved 10,000 BCH, valued at around $5 million, which drew attention ahead of a historic movement of 80,000 BTC worth over $8.5 billion.
