Bitcoin Cash Price Surges Over $570 Amid Significant Whale Accumulation
Bitcoin Cash price surpassed $570, marking a significant intraday gain among top altcoins. This increase coincides with heightened whale activity, indicating potential institutional buying.
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<li Bitcoin Cash whales experienced a net inflow of 66,040 BCH on Tuesday, the highest single-day accumulation since July 4.
<li The price rose from $483 to $571 since the July 4 buying spree, suggesting a correlation between whale accumulation and price movement.
<li Market analysis indicates that sustained momentum above $570 is uncertain, with resistance at $600 possibly leading to a correction.
BCH Price Outlook: $600 Resistance Key as Whale Demand Increases
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<li Currently trading above the 20-day moving average ($530.70) at $571.34, reflecting a 1.28% increase.
<li BCH approaches the upper Bollinger Band at $587.10; a breakout above this level could target $610.
<li The MACD indicator confirms bullish momentum but shows signs of potential exhaustion if resistance at $587 remains unbroken.
<li Holding above $560 and reclaiming the $580-$587 range could lead to a target of $615 in early August.
<li A drop below the 20-day MA at $530 may trigger a correction towards $510.