TLDR:
- 0.42% of holders control 93.91% of BCH, showing extreme whale concentration.
- Top 0.01% holding 1,000+ BCH owns nearly 60% of the supply.
- BCH tests long-term downtrend; weekly close above $620 may signal bullish breakout.
- MACD crossover and RSI at 55 suggest early bullish momentum is forming.
Bitcoin Cash (BCH) is showing renewed activity among major holders, signaling potential price movement ahead of the next bull cycle.
Large whales have been accumulating BCH over several years, and recent on-chain data shows these investors are actively increasing their positions. This concentrated ownership indicates that a small group is likely driving market trends.
On-chain reports reveal that 93.91% of BCH is controlled by only 0.42% of holders. The top 0.01%, who each hold over 1,000 BCH, collectively own nearly 60% of the total supply.
CW highlighted, “BCH orders are dominated by big whales,” emphasizing the influence of these holders over market dynamics. The distribution is similar to Bitcoin, although retail participation is notably lower.
Renewed Whale Accumulation
Whales have been steadily building BCH positions over a three-year period, creating a reaccumulation phase.
CW noted that “recently, large whales have become active again,” pointing to the possibility of major moves as the next bull market approaches. Such activity often signals early positioning before substantial upward price trends.
This concentrated ownership allows a small number of holders to influence market swings significantly. Even moderate purchases or sales by whales can lead to price volatility. CW also observed, “The bull market is driven by whales,” reflecting the outsized role of these investors.
Historically, accumulation phases by whales tend to precede strong market rallies.
Repeated reaccumulation over multiple years sets the stage for decisive movements once buying pressure intensifies. Traders are closely watching these patterns for insights into the next major price cycle.
Technical Levels Point Toward a Potential Breakout
BCH is approaching a long-term downtrend resistance line extending from the 2021 all-time high to the current $567 range.
Multiple rejections along this line indicate persistent supply pressure. A clear weekly close above $600–$620 could open the path toward $700 or higher.
Technical indicators are showing cautious optimism. The MACD recently had a bullish crossover, with the MACD line slightly above the signal line.
Meanwhile, the histogram remains modest, signaling that buyers are gaining momentum but conviction is still limited. The RSI is at 55, reflecting moderate bullish conditions while leaving room for upward movement if buying strengthens.
Price action around this critical resistance will determine the near-term trend. If BCH fails to surpass this zone, support near $500 could provide a floor for accumulation.
Monitoring whale activity alongside these technical levels will be essential for anticipating the next bull cycle.
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