Bitcoin Cash Facing Massive Selling Pressure Following Whales Exodus

Bitcoin Cash Facing Massive Selling Pressure Following Whales Exodus
фото показано с : zycrypto.com

2020-8-10 21:14

For the most part, BCH has been following the steps of Bitcoin and other major coins and it’s currently trading at $295. The digital asset is still ranked 5th by market capitalization at $5.4 billion but has been losing a lot of market dominance while Bitcoin SV gets closer to the same percentage.

Unlike Bitcoin or Ethereum, BCH is still far away from its 2020-high of $500 and will need a ton of bullish momentum to crack it by the end of the year. Furthermore, while the trading volume of BCH has been increasing in the past two weeks, it is extremely weak compared to the beginning of the year. 

Even worse for BCH is the fact that several large whales holding at least 10,000 and up to 100,000 BCH have left. According to data from Santiment, BCH recorded a significant drop in the number of whales, around 10 large whales left which represents a 5.6% decline.

Data from @santimentfeed shows that the selling pressure behind #BitcoinCash is surging dramatically. The firm recorded a major drop in the number of addresses holding 10,000 to 100,000 $BCH.

Since Aug 1, roughly 10 whales have left the network, representing a 5.6% decline. pic.twitter.com/uriR5j8K8q

— Ali Martinez (@satoshilatino) August 7, 2020

This is usually a negative sign as it means large holders sold BCH. Other major coins have seen just the opposite, more whales coming in even though the value of those coins has been going up non-stop, more than BCH.

Bitcoin Cash Analysis In The Short-Term

While investors selling large amounts of BCH is not necessarily a positive sign for BCH, it’s also not the upshot. The next resistance level is located at $337.9, the high of August 2, then, bulls were only facing another resistance point at $353 until $400. The daily RSI has cooled off but it’s on the verge of being overbought again.

BCH buyers have been using the daily 12-EMA as a support level for the past week. The daily 100-EMA and the 200-EMA are also getting closer to a bull cross that will happen within the next 2 weeks if bulls can keep up with the current pace. Do you think BCH whales selling a large number of coins will affect the future of BCH? 

origin »

Bitcoin (BTC) на Currencies.ru

$ 99275.76 (+0.61%)
Объем 24H $116.063b
Изменеия 24h: 2.23 %, 7d: 0.17 %
Cегодня L: $92791.64 - H: $99335.17
Капитализация $1967.572b Rank 1
Цена в час новости $ 11982.75 (728.49%)

bitcoin market following percentage capitalization billion unlike

bitcoin market → Результатов: 126


Фото:

Bitcoin rebounds above $95K after Monday’s plunge: what’s next for crypto market?

The cryptocurrency market is showing signs of resilience after a sharp downturn on Monday, with Bitcoin leading a partial recovery to climb above the $95,000 mark. Bitcoin had previously plummeted to a low of $89,000—its lowest level in 24 days—as traders anxiously awaited the release of the latest US Consumer Price Index (CPI) report. Major […]

2025-1-14 08:49


Фото:

Bitcoin’s bull market: how to read the signals in 2025

Bitcoin, rebounding powerfully from its bear market lows, has reasserted itself as a leading asset, significantly outperforming traditional financial markets in 2024. Fueled by the historic launch of Bitcoin ETFs in January, a new US administration seemingly supportive of the crypto industry, and the Federal Reserve’s shift toward easing monetary policy, Bitcoin’s resurgence has been […]

2025-1-1 12:39


Bitcoin Fees Drop 86% While Market Confidence Soars As Dominance Reaches New Highs

Despite an 86% plunge in Bitcoin transaction fees this quarter, market confidence remains resilient, with Bitcoin’s dominance hitting its highest level since April 2021. BTC's market share reached its highest since April 2021 this quarter Bitcoin's price traded mostly sideways throughout the quarter, while ETH and smaller tokens set new […]

2024-10-7 12:05


Bitcoin ‘Final Cycle Pump’ Puts Price As High As $200,000

Bitcoin (BTC) could be gearing up its last explosive rally of a four-year market cycle, which traditionally kicks off at the beginning of a halving event and culminates just before the next one. A crypto analyst has boldly predicted that the price of Bitcoin could surge to $200,000 and above, marking new All-Time Highs (ATHs) and the peak of the long-awaited bull market.

2024-9-23 03:01