Bitcoin Cash Shows Renewed Momentum as Trendline Test and Whale Activity Suggest Possible Upside Potential
Main Idea
Bitcoin Cash (BCH) is experiencing renewed momentum with an 8% price surge, driven by increased whale activity and a key trendline test, with its next price movement contingent on breaking the $565 resistance level.
Key Points
1. Bitcoin Cash price surged 8%, retesting a key descending trendline that has historically led to over 50% price drops.
2. Whale transaction volume increased by nearly 98% to 1.69 million BCH, the highest since mid-2024, indicating institutional interest.
3. The weekly RSI for BCH is at 64, below the overbought threshold, suggesting potential for further price movement.
4. A daily close above the $565 resistance level could trigger a bullish breakout, potentially leading to 15–30% gains.
5. Exchange inflows of $4.65 million in 24 hours may indicate profit-taking or caution among holders.
Description
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