Bitcoin Cash Surges on Large Holder Demand and Technical Indicators

Key Points

1. Bitcoin Cash (BCH) surpassed $570, becoming one of the few top 20 cryptocurrencies to show gains.

2. IntoTheBlock data shows a net inflow of 66,040 BCH to wallets holding at least 1% of the supply on July 4, indicating strong institutional or whale demand.

3. The price rose from $483 to $571 following significant accumulation by large holders, suggesting whale activity can predict price movements.

4. Technical indicators like the 20-day moving average ($530.70) and Bollinger Band upper band ($587.10) support a short-term uptrend, but the $600 level remains a psychological barrier.

5. A break above $587 with volume could target the March peak of $610, while a drop below $560 may lead to a correction toward $510.