Bitcoin News Today: Bitcoin Cash Rises 8% as Whale Activity Spikes 97.77%, $565 Trendline Test Could Unlock 15–30% Gains

Bitcoin Cash (BCH) has surged 8%, retesting a critical descending trendline that has historically triggered sharp corrections, sparking renewed interest among traders and analysts. The move follows a 97.77% spike in whale transaction volume—nearly 1.69 million BCH—the highest level since mid-2024. While the weekly Relative Strength Index (RSI) at 64 remains below the overbought threshold of 70, the price’s proximity to $565 has become a pivotal level for determining the asset’s short-term trajectory.

The trendline, which has previously marked the start of major declines with drawdowns exceeding 50%, now faces a critical test. A sustained close above $565 could validate a bullish breakout, potentially unlocking gains of 15–30% based on historical price patterns and current momentum. Conversely, another rejection at this level risks repeating past sharp corrections, according to technical analysis.

Whale activity has intensified, with large transfers indicating growing institutional and high-net-worth investor participation. The surge in whale transactions, the most significant since mid-2024, suggests strategic positioning ahead of a potential price move. Analysts note that such activity often precedes market turning points, though the absence of granular volume data complicates definitive conclusions about its impact.

However, caution persists. Exchange inflows have surpassed $4.65 million in the past 24 hours, a metric that can signal profit-taking or preparation for selling. This development contrasts with the bullish technical setup, highlighting the mixed signals facing traders. While the RSI’s neutral stance supports further upside potential, the influx of funds into exchanges underscores short-term uncertainty.

The market’s reaction to the trendline test will hinge on liquidity conditions and buying pressure. Traders are advised to monitor the $565 level closely, as a confirmed breakout could attract additional long positions, whereas another rejection might reinforce bearish sentiment. Institutional interest, as reflected in whale activity, remains a key variable, with historical correlations suggesting that large transfers often coincide with increased volatility.

Despite the optimism, no analyst has explicitly projected specific price targets for BCH based on the current conditions. The absence of regulatory developments or macroeconomic catalysts further underscores the need for caution. Investors are urged to balance speculative bets with risk management strategies, given the asset’s susceptibility to rapid reversals near key technical levels.

Sources:

[1] [Bitcoin Cash Trendline Break Analysis] [https://www.tradingview.com/symbols/BCHUSDT_DEBFFD.USD/ideas/?sort=recent]

[2] [BCH Whale Activity and On-Chain Patterns] [https://www.tradingview.com/symbols/BCHUSDT_DEBFFD.USD/ideas/?sort=recent]

[3] [Historical Volatility and Whale Behavior] [https://www.tradingview.com/symbols/BCHUSDT_DEBFFD.USD/ideas/?sort=recent]