“Bch sees heighetened WHALE ACTIVITY AND RISING OPEN INTEREST as Traders Weight SPECULATION AGAINST WEAK ON-CHAIN USAGE and RECENT Suspicios Transactions.”, – WRITE: www.coindesk.com
Traded AT $ 482.54 On July 5, Down 0.23% Over The Past 24 Hours, Following A Broader Retreat from Its Recent-Multi-Month High, Accounting To Coindes Model. As for the Broader Crypto Sector As Gauged by the Coindesk20 Index
(CD20)
IT is up 0.27% during the same period.
On July 1, Bch Reached $ 526.5 – ITS HIGHEEST PRICE IN EIGHT MONHS – As Market Enthusiasm, Whale Accuumulation, and Special Inflows Helped Profel The More More More More.
The Surge, Briefly Taking Bch Above $ 528, Coincides with A Substantial Increase in Daily Trading Volume, Which Tripled To Over 120,000 Tokens Excised Within A 24-HOUR SPAN. Much of the Buying Interest Was Attributed to Capital Rotration Into Mid-Cryptocurrencies, As Investores Sounga Gains Beyond the Majors During a Period of Broader.
On -chain Fundamentals, However, Remain Lackluster. Daily Active bch addresses have dropped to a six-year low, suggesting that the rally is Being Driven More by SPECULATION THAN BY INCREASED NETWORK Utility. Despite this Disconnect, Technical Indicators Point to Further Upside Potential. In Late June, A Golden Cross Formation Appeared on Bch’s Hourly Chart-Wehere The 50-Day Moving Average Crossed Above The 200-Day Ma-A Historical Bullish Signal.
Adding to the Special Mmentum, Open Interest in Bch Derivatives Rose 27.4% This Past Week to $ 578 Million. Analysts are watching the $ 478 to $ 508 Range Closely, Viewing It As A Key Support Zone Could Could Stabilize the Current PullBack.
On July 4, Analytics FIRM INTOTHEBLOCK REPORTED A 122.45% Increase in Large Whale Transactions Involving Over $ 100,000 in BCH, Toting 957,440 Tokens Wokens Wokes Werth APPROXIMATELY $ 482 This Sharp Rise in High-Value Transfers Echoed Earlier Activity Spikes Seen In February, May, and Late June-Allan of Wich Preceded Major Price Movements.
A Separate Development on July 5 Raissed Further Intrigue, Who A 10,000-Bch Transaction Work Roughly $ 5 Million Was Flanged Just Prior to the History Movement of 80,000. Experts Suggest The Bch Transfer May Have Served As a Key Test of Wallet Access Before Exectory The Massive Bitcoin Transaction, Which Was The Largest of Its Kind in Over A Decade.
Meanwhile, The Bitcoin Cash Foundation Published It July 1 Update Highlighting the Release of Knuth V0.68.0, WHICH UNIFIES The Node’s Codebase and Lays The Gukon. Upgrades. While No Major Adoption Headlines Emerged this Week, Smaller Community Projects Continue to Explore Bch-Based Micropayments and NFTS. Roger Ver, A Longtime Proport of Bitcoin Cash, Remains Publicly Active in Promoting Bch As a Scalable Alternative to Bitcoin, Thought His Recent of Advoxy Notaeli. Launches.
Technical Analysis Highlights
- Bch Traded with A $ 7.52 (1.57%) Range Between $ 481.83 and $ 489.35 from July 4 15:00 to July 5 14:00.
- Strong Support Was Observed At $ 481.83 with Elevated Volume Durying The 04:00 Hour on July 5.
- Resistance ForMed AT $ 489.43, WHERE REPEATED SELLING PRESSURE CAPPED GAPS.
- From 13:06 to 14:05 UTC On July 5, Bch Gained $ 1.20 (0.25%), Briefly Breaking Above $ 483.25 On Rising Volume.
- Support in the Final Minutes of the Session Formed Between $ 483.35 and $ 483.45, with Price Peaking At $ 483.81 Durying The 14:03 Candle.
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