Bitcoin in cash
It was negotiated at $ 482.54 on July 5, 0.23% in the last 24 hours, after a broader withdrawal of its recent maximum of several months, according to the technical analysis model of Cindensk Research. As for the broader cryptographic sector, according to the Coindesk20 index (CD20)It rose 0.27% during the same period.
On July 1, BCH reached $ 526.5, its highest price in eight months, as market enthusiasm, accumulation of whales and speculative tickets helped boost the token more than 75% higher in the last three months.
The increase, briefly taking BCH above $ 528, coincided with a substantial increase in the volume of daily trade, which tripled more than 120,000 tokens exchanged in a period of 24 hours. Much of the purchase interest was attributed to the capitalization of capital of medium capitalization, since investors sought profits beyond the specialties during a broader period of force of the cryptography market.
The fundamentals in the chain, however, remain mediocre. The Active BCH addresses daily have fallen to a minimum of six years, which suggests that the rally is being promoted more by speculation than by increasing the usefulness of the network. Despite this disconnection, the technical indicators point to greater upward potential. At the end of June, a formation of the Golden Crossing appeared in the Hourly table of BCH, where the 50 -day mobile average crossed over the 200 -day MA, a historically bullish sign.
In addition to the speculative impulse, the open interest in BCH derivatives increased by 27.4% last week to $ 578 million. Analysts are closely observing the range of $ 478 to $ 508, seeing it as a key support zone that could stabilize the current setback.
On July 4, the Intotheblock analysis firm reported an increase of 122.45% in large whale transactions involving more than $ 100,000 in BCH, for a total of 957,440 tokens for an approximate value of $ 482 million. This strong increase in high -value transfers echoed the previous activity peaks observed in February, May and the end of June, all of which preceded the main price movements.
A separate development on July 5 increased an additional intrigue, when a 10,000 Bch transaction worth approximately $ 5 million was marked just before the historical movement of 80,000 BTC inactive, valued at more than $ 8.5 billion. Experts suggest that BCH’s transfer may have served as a key test of access to the wallet before executing the massive transaction of Bitcoin, which was the largest of its kind in more than a decade.
Meanwhile, Bitcoin Cash Foundation published its July 1 update that highlighted the launch of Knuth V0.68.0, which unifies the node code base and establishes the basis for future UTXO efficiency updates. Although important adoption holders did not emerge this week, smaller community projects continue to explore micropayments and BCH -based NFTs. Roger Ver, a long -time proponent of Bitcoin Cash, remains publicly active in the promotion of BCH as a scalable alternative to Bitcoin, although his recent defense has not been accompanied by any new launch of institutional products.
TECHNICAL ANALYSIS
- BCH negotiated within $ 7.52 (1.57%) Range between $ 481.83 and $ 489.35 from July 4 from 3:00 p.m. to 5, 14:00.
- Strong support was observed at $ 481.83 with a high volume during the 04:00 hours on July 5.
- The resistance was formed at $ 489.43, where repeated limited sale pressure gains.
- From 13:06 to 14:05 UTC on July 5, Bch won $ 1.20 (0.25%)Breaking briefly above $ 483.25 in ascending volume.
- The support in the final minutes of the session was formed between $ 483.35 and $ 483.45, with a price reached at $ 483.81 during Vela 14:03.
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