Bitcoin Cash (BCH) price slipped below $190 on Sunday, once again putting the critical $180 support at risk. On-chain data reveals that whale investors have made fresh inflows of $6 million in September. But will that be enough to turn the tide? 

Bitcoin Cash (BCH) survived another scare at the weekend, as the bulls averted a decline below the critical $180 support territory. A cluster of price-savvy whales has been spotted making significant inflows since September. Can they sustain the buying trend as the bears begin to mount sell-orders across crypto exchanges?

On-chain data from the order books of 21 recognized exchanges shows that bearish traders dominate the balance of existing Bitcoin Cash orders. As depicted below, the bears currently have the upper hand with 395,000 active BCH sell orders, towering above the bull’s 306,000 BCH buy orders. 

The Exchange On-chain Market Depth chart shows the real-time price distribution of active Bitcoin Cash orders placed across recognized crypto exchanges. The chart above depicts that the “Sell/Bid” wall on the right has exceeded the “Buy/Ask” side by nearly 90,000 BCH coins.

This excess market supply suggests that bearish pressure still looms despite the recent price rebound. Hence, Bitcoin Cash could experience another price downswing in the coming weeks without a significant demand boost. 

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A price-savvy cohort of crypto whales holding 1,000 to 1 million coins seems to have been propping up BCH prices over the past week. At the close of August, on-chain data shows that the whales held only 10.26 million BCH coins in their cumulative balances. But since the start of September, they have ramped up purchases, hitting 10.29 million BCH on September 11. 

With prices currently hovering around $190, the new inflows of 30,000 coins are worth approximately $5.7 million. Whale investors are individuals or entities holding a significant amount of a particular cryptocurrency, typically $100,000 or more. Due to their substantial holdings, their trading activity often triggers significant price movements.

With cumulative balances of 10.29 million coins, the whale cohort identified above currently controls 53% of the total BCH circulating supply of 19.5m coins. 

In summary, if they sustain their ongoing buying trend, they could absorb the excess supply on exchanges and also shore up confidence among other investors. 

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Supported by the whales’ buying trend, the bulls could mount a formidable support wall at the $180 range. The In/Out of Money Around Price data, which outlines the purchase price distribution of the current BCH holders, also illustrates this vividly.

It highlights that 58,840 addresses had bought 326,180 BCH coins at the maximum price of $180.29. Without a significant shift in the whales’ sentiment, they could HODL firm and trigger another Bitcoin Cash price rebound. 

But if the bearish traders can push past that support level, BCH price could enter a prolonged downswing toward $160.

But if the bullish whales successfully flip the tide, the BCH price could reclaim the $220 territory. However, the 177,580 million addresses had bought 587,570 BCH at the average price of $195, which remains a strong resistance zone. Addresses in this area could choose to break even or exit their positions with minimal losses. This could cause the Bitcoin Cash price to retrace again.

But if that resistance level gives way, BCH price could begin to edge closer to $220. However, there are strong pockets of potential resistance at key price levels, including $195, $200, and $210, that would need to be overcome first.

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The post Bitcoin Cash (BCH) Price Under Pressure as $190 Fails to Hold – Bears in Control? appeared first on BeInCrypto.

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