In a surprising turn of events this Friday, Bitcoin Cash (BCH) experienced a significant rise, reaching $240, driven by increased trading activity from 'crypto whales'. This surge occurred despite a bearish BCH Weighted Sentiment trend and negative commentary on social media platforms.
These large-scale investors have been fueling the ascent of BCH, with Global In/Out of Money Around Price (GIOM) data and BCH investors' entry price distribution suggesting a potential push towards the $300 mark.
According to the data, approximately 1.15 million addresses purchased around 2 million BCH coins at an average price of $280. This has led to the creation of a potential sell-wall, which could influence future price movements.
Additionally, it was noted that 370,000 addresses acquired roughly 2.16 million BCH coins at the minimum price of $218. This significant acquisition at a lower price point provides substantial support for the cryptocurrency and may act as a buffer against potential downward price movements.
The current activity and trends surrounding Bitcoin Cash reveal an intriguing narrative in the crypto market. Despite negative sentiment and bearish trends, large-scale investors continue to exert influence on the market trajectory. Their escalated trading activity and large transactions are key drivers in Bitcoin Cash's recent rise, demonstrating the power these 'crypto whales' wield within the cryptocurrency ecosystem.
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