BCH Price Faces Decision Point as Miners Shift 60M Dollars – What Comes Next?

Crypto News- Bitcoin Cash Price (BCH Price) recently experienced a price surge to $250 before seeing an 8% retracement to around $230. This price movement is linked to the trading activity of BCH miners and large-scale investors, also known as whales.

BCH Price Faces Decision Point as Miners Shift 60M Dollars – What Comes Next?

BCH Miners’ Activity: Bitcoin Cash miners took advantage of the bullish sentiment in late September, driving the price to $250. However, behind the scenes, miners have been selling their holdings. Their cumulative reserve balances dropped from 6.5 million BCH on September 29 to 6.25 million BCH on October 5, indicating the sale of 250,000 BCH worth approximately $57.5 million at the current market price. This selling pressure contributed to the 8% decline in BCH’s price.

Miners’ Reserves: Despite selling off a significant amount of BCH over the past few months, miners still control 6.25 million coins, which represents about 3% of the total 19.52 million BCH in circulation. Further selling by miners could continue to impact BCH prices.

Whale Activity: Large BCH investors, often referred to as whales, have been accumulating BCH. Whales holding between 100,000 to 1 million BCH have been buying since September 21, with their balances increasing from 2.41 million BCH to 2.56 million BCH by October 2. These whales now hold BCH worth $600 million, which is nearly 14% of the total BCH market cap.

Influence of Whales: The actions of these whales have a significant influence on the BCH network. In the past, when they bought 420,000 BCH between June 19 and July 6, 2023, BCH’s price surged by over 150%. Whether these whales continue to hold, increase their holdings, or diversify into other cryptocurrencies remains to be seen.

Price Predictions: The article suggests that the BCH price is closely correlated with the buying pressure from whales. It also mentions that if bearish miners continue to sell, the price could drop toward $200 unless they resume accumulation. The Exchange Order Books chart indicates that there are more sellers than buyers, which could lead to a price drop. However, if the price breaks resistance levels and the bullish whales become active, BCH could potentially reach $300.

In summary, the article discusses the recent price movements of Bitcoin Cash, attributing them to the actions of both miners and whales. It emphasizes the potential impact of these large players on BCH’s price trajectory and suggests that further selling by miners could lead to a price drop, while the influence of bullish whales could push the price higher if certain resistance levels are breached.