The post Bitcoin Cash Price Analysis: BCH Whales Activity Sparks After Grayscale’s Win Against SEC appeared first on Coinpedia Fintech News
In a groundbreaking ruling by the United States Court of Appeals for the D.C. Circuit on Tuesday, the path towards the approval of a spot Bitcoin exchange-traded fund (ETF) was cleared in the wake of the SEC vs. Grayscale Investments case. The verdict has had a notable impact on the cryptocurrency market, particularly on Bitcoin Cash (BCH), a leading hard fork of Bitcoin.
Following the court’s decision, Bitcoin Cash witnessed a remarkable price rally, outpacing other top digital assets. The altcoin’s value surged from its trading price of around $190 to a peak of $225. However, as the fervor settled, its price retraced to approximately $213 on Thursday during the early Asian market hours.
As per the on-chain platform, santiment’s analysis revealed that whale traders played a pivotal role in the recent surge and are expected to continue influencing the coin’s upward trajectory. Notably, Bitcoin Cash has exhibited strong growth throughout the year, with a remarkable 105% increase in value year-to-date (YTD).
Santiment’s analysis further highlighted a significant development: the average trading returns for active 30-day and 365-day wallets have returned to a profitable state, marking the end of a 10-week period of decline.
From a technical perspective, the bullish momentum for Bitcoin Cash remains robust. Although encountering resistance from the daily 50 Moving Average (MA), the coin’s year-to-date rising trend remains intact and is supported by the 200 daily Moving Average (MA).
However, experts caution that the positive outlook for BCH could be compromised if the price were to dip below the $161 threshold, a scenario that, if sustained, could lead to further downward movement over the subsequent weeks.
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