Bitcoin 
$91,967 Cash (BCH) recently surpassed the $570 mark, marking it as one of the few gainers among the top 20 cryptocurrencies. Data from IntoTheBlock reveals a net inflow of 66,040 BCH to wallets holding at least 1% of the supply on Tuesday, representing the largest whale accumulation since July 4. This gradual price rise from $483 to $571, starting in early July, highlights the robust relationship between significant wallet movements and price increases. Experts suggest that maintaining above $570 could trigger a new rally in early August, though the psychological barrier of $600 remains a critical level.
Whale Demand for Bitcoin Cash Reaches Historic Highs
IntoTheBlock’s “Large Holder Netflow” indicator shows that 66,040 BCH were transferred to whale status addresses on Tuesday, suggesting sustained positive sentiment from institutional or fund-based actors. This follows a record 103,520 BCH purchase four weeks earlier, indicating continued interest from whales in Bitcoin Cash.
Following the substantial accumulation on July 4, the price jumped from the $483 to the $570 range, suggesting that whale flows can predict price performance. Historical data often associates whale net inflows with early stages of price increases.
Market watchers are now focused on whether institutional demand will continue to grow in late July. A strong appetite from whales could fuel further purchases, potentially igniting a rally in August.
Analyzing Key Technical Indicators Against the $600 Resistance
BCH’s trading above the 20-day moving average of $530.70 confirms a short-term uptrend. The Bollinger Band indicator’s upper band is at $587.10, a level previously tested last week and now seen as the first obstacle to upward movement.
The MACD, with a value of 21.20 above the signal line at 17.40, indicates a potential weakening in buying pressure as histogram bars shrink. If the $587 level is surpassed with volume, the March peak of $610 could be the next target.
Conversely, a drop below the $560 support and a break of the 20-day moving average could risk a correction towards the $510 area. Thus, the market’s reaction in the $560-$587 range will be crucial for guiding price direction in early August.
