Bitcoin Cash is one of the best-performing cryptoassets the industry has seen in recent times (BCH). Those who purchased TOKEN at the end of last week have made a profit due to the token’s appreciation over the past 24 hours.
In addition, price fluctuations engulfed the crypto market in a massive sell-off following last week’s price crash. Even as concerns about further losses persist, most of the top tokens are still working to stabilize their prices. This week, Bitcoin Cash has rebounded by over 20% despite the bearish trend.
Purchasing Actions for BCH
The BCH’s rebound from its lows on August 19 indicates significant trading activity during the session. In the past 24 hours, the token’s price has risen to $139, a 23% increase from the previous weekly low of $111.
It appears that whale activities are one of the leading causes of the trend’s ascent. Since August 22nd, the record indicates that the whale transaction metrics have increased. In addition, this period corresponds to when the price began to rise following the 19 August decline.
In addition, the increase in whale activity coincides with another trend, a substantial increase in the number of active addresses.
This suggests that retail buyers responded favorably to the whale accumulation spree. In addition, the data indicates that BCH was able to experience robust demand, which led to the late rally.
After last week’s price decline, abundant buying activity sparked a bullish rally as investors sought opportunities to invest. The price increase indicates a healthy return for those who purchased the token on August 19 when its value was at its lowest.
Justification for the BCH Rally?
Bitcoin Cash was one of only four coins spared from the Canadian regulatory body’s decision to impose a CAD $30,000 buy limit on tokens other than Ethereum. Analysts believe that regulatory directives may have favored BCH, as a result of which the price surge occurred.
Although this could have been the case, no price increase was seen for Litecoin or Bitcoin, two other tokens that were exempted. The answer could be found in the BCH price forecast for the last two months.
In mid-June of 2022, the asset’s value plummeted to a new all-time low, in stark contrast to other crypto assets, which emerged from their price dips at the same time. Since then, Bitcoin Cash’s price has followed a similar upward trend to that of other digital currencies. If this is the case, the latest development represents the second reevaluation of support this year. The price outlook for Bitcoin Cash is generally optimistic. In this instance, the market should anticipate a retest of resistance near the $169 price zone.
Bitcoin Cash had a spectacular introduction to the cryptocurrency market before the crash that shook the industry in May 2022. All crypto assets have not yet recovered from their all-time high.
BCH’s price appears to be reversing as the crypto market as a whole recovers.