Bitcoin Cash Price Rally Fueled by Whale Activity and Bullish Signals
Bitcoin Cash Rally Accelerates on Whale Activity and Bullish Technical Signals
Despite weak on-chain usage and a suspicious transaction, BCH sees whale-driven momentum and solid support.
Bitcoin Cash (BCH) traded at $482.54 on July 5, down 0.23% in the past 24 hours, according to CoinDesk Research’s technical analysis model. The move came amid a broader pullback after reaching an 8-month high earlier this week, even as the CoinDesk 20 Index (CD20) rose 0.27% in the same period.
On July 1, BCH surged to $526.5, its highest level since late 2023, fueled by whale accumulation, speculative inflows, and a shift in capital toward mid-cap altcoins. Daily trading volume more than tripled to over 120,000 tokens, signaling intense market interest.
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On-Chain Metrics Lag Behind Price Rally
Despite the price rally, on-chain fundamentals remain weak, with daily active BCH addresses falling to a six-year low. Analysts note that speculation — not adoption — is driving the current surge.
Still, the technical picture remains bullish. In late June, a golden cross appeared on BCH’s hourly chart — a pattern where the 50-day moving average crosses above the 200-day average, often seen as a precursor to further upside.
Open interest in BCH derivatives has also jumped 27.4% to $578 million, suggesting growing trader exposure and optimism about potential continuation.
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Whale Transactions and Suspicious Timing Fuel Speculation
On July 4, analytics firm IntoTheBlock flagged a 122.45% increase in whale transactions worth over $100,000, totaling 957,440 BCH (~$482 million). This echoes prior patterns in February and May that preceded major price movements.
Adding to the mystery, a 10,000 BCH transaction (~$5 million) was recorded just hours before the historic 80,000 BTC transfer from dormant 2011 wallets — the largest movement of “Satoshi-era” BTC in over a decade. Some experts suggest the BCH transfer may have been a test of private key access ahead of the Bitcoin move, possibly to avoid triggering whale trackers.
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Project Development and Community Activity
The Bitcoin Cash Foundation published its July 1 update, highlighting the release of Knuth v0.68.0, which unifies the node’s codebase and prepares the network for future UTXO efficiency upgrades.
No major institutional news emerged this week, but grassroots activity continues — including BCH-based micropayments and small-scale NFT projects. Roger Ver, a long-time BCH supporter, remains active in the community, though without major announcements in recent months.
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???? Technical Analysis Highlights
BCH traded in a $7.52 range (1.57%) between $481.83 and $489.35 from July 4 15:00 to July 5 14:00 (UTC).
Strong support was confirmed at $481.83 during the 04:00 hour on elevated volume.
Resistance was established at $489.43, with multiple rejections.
Between 13:06–14:05 UTC, BCH rose $1.20 (0.25%), peaking at $483.81.
Final-minute consolidation occurred between $483.35–$483.45.