Bitcoin cash
According to the technical analysis model of Coindesk Research, traded at $ 482.54 on 5 July, which was 0.23% below in the last 24 hours, which was recently after a comprehensive retreat from the high level of multi-maiden. As a comprehensive crypto sector by the coindesk20 index (CD20)It is 0.27% above the same period.
On 1 July, BCH reached $ 526.5 – its highest price in eight months – market enthusiasm, whale accumulation, and speculative flow helped promote more than 75% tokens in the last three months.
The bounce, briefly taking BCH above $ 528, coincided with sufficient increase in daily trading volumes, exchanging more than 120,000 tokens within a 24-hour gap. Most of the purchase interest was attributed to capital rotation in mid-cap cryptocurrency, as investors demanded benefits from big companies during the period of comprehensive crypto market strength.
On-chain fundamentals, however, are lacking. Daily active BCH addresses have fallen to a six -year low, suggesting that the rally is being operated more by speculation than an increase in network utility. Despite this disconnect, technical indicators indicate further reversal to further the ability. At the end of June, a golden cross formation appeared on an hourly chart of BCH-where the 50-day moving average crossed the 200-day MA-historically rapid signal.
Connecting the speculative speed, the open interest in BCH derivatives rose 27.4% to $ 578 million last week. Analysts are closely looking at $ 478 to $ 508 range, looking at it as a major support area that can stabilize the current pullback.
On July 4, analytics firm Intotheblock reported a 122.45% increase in large whale transactions of more than $ 100,000 in BCH, with a total of 957,440 tokens around $ 482 million. This rapid growth in high-value transfer echoes the first activity spikes seen in February, May, and late June-all of which were before the major price movements.
On July 5, a separate development extended further conspiracy when the 80,000 durations were flagged off the 10,000-BCH transactions of about $ 5 million just before the historic movement of BTC-the value of which was more than $ 8.5 billion. Experts suggest that BCH transfer may have served as a major test of wallet access before executing large -scale bitcoin transactions, which was the largest of its kind in more than a decade.
Meanwhile, Bitcoin Cash Foundation published its 1 July update Highlighting the release of Knuth V0.68.0, which units the codbase of the node and gives groundwork for future UTXO efficiency upgradation. While no big adoption headlines came this week, small community projects continue to detect BCH-based micropram and NFT. Roger Ver, a long -time proposer of bitcoin cash, is publicly active in promoting BCH as a scalable option for bitcoin, although he has not been with any new institutional product launch.
Technical analysis highlights
- Bch traded within $ 7.52 (1.57%) Range from $ 481.83 and $ 489.35 from 4 July 15:00 to July 5 14:00.
- On July 5, strong support was observed at $ 481.83 with high volume during 04:00 hours.
- Resistance is formed at $ 489.43, where frequent selling pressure benefits.
- From 13:06 to 14:05 UTC on July 5, BCH receives $ 1.20 (0.25%)Time above $ 483.25 on Rising Volume.
- Formed between $ 483.35 and $ 483.45 in the final minutes of the session, with the price at $ 483.81 during the candle 14:03.
isclaimer: Some parts of this article were generated with assistance from the AI tool and reviewed by our editorial team to ensure accuracy and adherence. Our standard. See for more information Coindesk’s full AI policy.
