Bitcoin Cash Surges By 20% Following August Lows
One of the best-performing cryptoassets the industry has had in a while is Bitcoin Cash (BCH). Even more so, the token has appreciated over the past 24 hours, making it a gain for those who bought it at the end of last week.
Moreover, price fluctuation enveloped the crypto market in a massive sell-off following a price crash last week. And most of the top tokens are still attempting to recover as fears of further downsides persist. Amid the bearish trend, Bitcoin Cash has bounced back by over 20% this week.
Buying Activities for BCH
The BCH’s bounce from the August 19 lows shows significant activity in the trading session. Over the past 24 hours, the token has spiked to $139, representing a 23% upside from the previous weekly low of $111.
It appears that whale activities are one of the primary reasons for the uptrend. The record shows that the whale transaction metrics have risen since August 22. In addition, this reflects the same period when the price started increasing following the downside of August 19.
Furthermore, the surge in whale activities also coincides with another development, a significant increase in the number of active addresses.
This implies that retail buyers may have reacted positively to the whale accumulation spree. The data also indicates that BCH managed to experience robust demand that resulted in the late rally.
Following last week’s price collapse, ample buying activity triggered a bullish rally as investors sought the opportunity to plunge their funds. After the August 19 slump, the price uptick indicates a healthy return for those who bought the token when the value was at its lowest.
Any Reason for the BCH Rally?
Following the decision by the Canadian regulatory body to impose a buy limit of CAD 30K on non-Ethereum tokens, BCH was one of the four coins exempted. Analysts believe the regulatory directives may have favored BCH, hence the price surge.
However, this may not have been the case as other exempted tokens like Litecoin and Bitcoin did not experience any price upswing. The price projection of BCH over the last two months may provide the answer.
The asset hit rock bottom in 2022 in mid-June, in contrast to other crypto assets, which pulled out of price fluctuations in the same period. Since then, BCH’s price action has formed an ascending pattern like other digital currencies. Should this be the case, the latest development signifies the second support retest of the year. The general price outlook for Bitcoin Cash is positive. In this case, the market should expect a resistance retest close to the $169 price zone.
Before the May 2022 crash that shook the industry, Bitcoin Cash had a remarkable debut in the crypto market. All crypto assets are yet to recover from their peak.
BCH’s price reversal appears to take shape as the broader crypto market recovers.
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