The price of Bitcoin Cash reached
$482.35
It traded at $482.54 on July 5, down 0.23% over the past 24 hours, after retreating from a multi-month high, according to CoinDesk Research's technical analysis model. As for the broader cryptocurrency sector, according to the CoinDesk 20 (CD20) index, it rose by 0.27% during the same period.
On July 1, the price of Bitcoin Cash reached $526.5 - its highest price in eight months - as market enthusiasm, whale accumulation, and speculative flows helped the currency rise by over 75% over the past three months.
This surge, which briefly lifted the price of Bitcoin Cash above $528, coincided with a significant increase in daily trading volume, which tripled to over 120,000 coins traded within 24 hours. Much of the buying interest is attributed to capital rotation towards mid-cap cryptocurrencies, as investors sought gains beyond the main coins during the cryptocurrency market boom.
However, the supply chain fundamentals remain weak. Daily active BCH addresses have dropped to a six-year low, indicating that this surge is driven more by speculation than by increased network usage. Despite this divergence, technical indicators point to additional bullish potential. In late June, a golden cross pattern appeared on the hourly chart for BCH - where the 50-day moving average surpassed the 200-day moving average - a historically bullish signal.
Adding to the speculative momentum, open interest in BCH derivatives rose by 27.4% over the past week to reach $578 million. Analysts are closely monitoring the range between $478 and $508, considering it a key support area that may contribute to stabilizing the current pullback.
On July 4, analytics firm Into The Block reported a 122.45% increase in large whale transactions, exceeding $100,000 in BCH, totaling 957,440 tokens worth approximately $482 million. This sharp increase in high-value transfers reflected previous spikes in activity we witnessed in February, May, and late June, all of which preceded major price movements.
A separate development on July 5 raised further intrigue, when a transaction of 10,000 BCH valued at nearly $5 million was revealed, just ahead of the historic transfer of 80,000 dormant BTC - worth over $8.5 billion. Experts suggest that the transfer may have served as a key test for access to the wallet before executing the massive Bitcoin transaction, which was the largest of its kind in over a decade.
Meanwhile, the foundation released its update on July 1, highlighting the release of Knu,th v0.68.0, which unifies the node database and paves the way for future UT,XO efficiency upgrades. While no major announcements on adopting this technology have emerged this week, smaller community projects continue to explore micro-payments and NFT tokens based on BCH. Roger Ver, a long-time supporter of Bitcoin Cash, remains publicly active in promoting BCH as a scalable alternative to Bitcoin, although his recent call was not accompanied by any new institutional launches.
Notable technical analyses
Bitcoin Cash (BCH) traded within a price range of $7.52 (1.57%), fluctuating between $481.83 and $489.35, from 15:00 on July 4 to 14:00 on July 5.
The currency saw strong support at $481.83, with an increase in trading volume during the hour of 4:00 AM on July 5.
Resistance formed at $489.43, where repeated selling pressure limited gains.
From 13:06 to 14:05 GMT on July 5, the value of Bitcoin Cash increased by $1.20 (0.25%), briefly surpassing the $483.25 level, alongside a rise in trading volume.
Support formed in the last minutes of the session between $483.35 and $483.45, with the price peaking at $483.81 during the hour candle at 14:03.