Bitcoin Cash
Traded at $ 482.54 on July 5, dropped 0.23% over the last 24 hours after a wider retreat from its recent height of several months, according to Coindesk Research’s technical analysis model. As for the wider crypto sector as the target of the Coindesk20 index (CD20)It is 0.27% increased in the same period.
On July 1, BCH reached $ 526.5 – its highest price of eight months – as market enthusiasm, whale accumulation and speculative influx helped drive the token more than 75% higher over the past three months.
The wave that briefly took BCH over $ 528 coincided with a significant increase in the daily trading volume, tripling to over 120,000 tokens exchanged within a 24-hour period. Much of the buying interest was attributed to capital rotation in Mid-Cap Cryptocurrencies as investors sought gains beyond the main subjects during a period of wider crypto market strength.
Fundamental on-chain, however, remains deficient. Daily active BCH addresses have dropped to a six-year low, suggesting that the rally is driven more by speculation than by increased networking tools. Despite this interruption, technical indicators point to the upward potential. At the end of June, a golden cross formation appeared on BCH’s Timing Card-How The 50-Day Sliding Average crossed over 200-day MA-a historic Bullish signal.
Adding to the speculative momentum rose open interest in BCH -Derivates 27.4% this last week to $ 578 million. Analysts see the range $ 478 to $ 508 close and sees it as a key support zone that could stabilize the current withdrawal.
On July 4, the analysis company Intotheblock reported an increase of 122.45% in large whale transactions involving over $ 100,000 in BCH, a total of 957,440 tokens worth approx. $ 482 million. This sharp increase in high value transfers repeated previous activity tips seen in February, May and the end of June as all prior to major price movements.
A separate development on July 5 raised further intrigues as a 10,000 BCH transaction worth approx. $ 5 million was marked just before the historic movement of 80,000 sleeping BTC-to a value of over $ 8.5 billion. Experts suggest that the BCH transfer may have served as a key test of wallet access before performing the massive Bitcoin transaction, which was the largest of its kind for over a decade.
Meanwhile, the Bitcoin Cash Foundation published its July 1 -Update, which highlighted the release of Knuth V0.68.0, which unites the Node’s code base and lays the basis for future UTXO efficiency upgrades. While no major adoption headlines emerged this week, smaller societal projects are continuing to explore BCH-based micropayments and NFTs. Roger Ver, a long -time spokesman for Bitcoin Cash, remains publicly active to promote BCH as a scalable alternative to Bitcoin, although his recent advocate has not been accompanied by any new institutional product launches.
Technical analysis highlights
- BCH traded within a $ 7.52 (1.57%) Area between $ 481.83 and $ 489.35 from July 4th 15:00 to 5 July 14:00.
- Strong support was observed for $ 481.83 with elevated volume within 04:00 hours on July 5th.
- Resistance formed at $ 489.43, where repeated sales pressure -covered winnings.
- From 13:06 to 14:05 UTC on July 5th got BCH $ 1.20 (0.25%)cards break over $ 483.25 on increasing volume.
- Support in the final minutes of the session formed between $ 483.35 and $ 483.45, with the price of $ 483.81 during 14:03 lights.
Isclapper: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
