news 
Bitcoin Cash (BCH) has just made a significant 6% intraday gain, reaching $580 and indicating a potential upside of up to $650. This impressive rally comes on the back of broad altcoin resurgence, with Ethereum (ETH), XRP, and Solana (SOL) all seeing gains exceeding 5%. However, despite this positive momentum, it is essential to take note that whale transactions have plummeted below $200 million for the first time in over two weeks.
According to recent data from IntoTheBlock, large transactions (above $100,000) have dropped dramatically since July’s peak of $900 million. This substantial decline may signal limited conviction among high-net-worth investors and a potential lack of deep liquidity in the short term.
Despite this red flag, BCH still remains in an uptrend, having breached key support at $552.4 and closed Monday’s session above all three Super SMAs (5, 8, 13). In the near term, bulls will likely continue to focus on $590 as a crucial resistance zone, with potential upside to $650 should conviction grow from large-scale investors.
It is essential for BCH traders to be cautious in their approach and monitor whale activity closely.
Source: www.coinspeaker.com
