Bitcoin Cash Pulls Back After 8-Month High, Whale Activity Signals Continued Interest

Bitcoin Cash (BCH) is trading at $482.54, down 0.23% in the past 24 hours, following a retreat from its eight-month peak of $526.5 on July 1. The recent surge—fueled by whale accumulation, speculative inflows, and a broader altcoin rotation—pushed BCH over 75% higher in just three months.

Despite bullish technical signals, including a golden cross in late June, on-chain activity tells a more cautious story. Daily active BCH addresses have dropped to a six-year low, underscoring weak network utility behind the price action. Still, open interest in BCH derivatives rose 27.4% this week to $578 million, reinforcing speculative momentum.

Trading volume spiked significantly, with over 120,000 tokens exchanged during the rally, driven by investor appetite for mid-cap assets amid broader crypto market strength. Analysts are watching the $478–$508 range as a critical support zone, potentially stabilizing the current dip.

Whale activity has intensified, with IntoTheBlock reporting a 122.45% jump in large transactions on July 4—totaling 957,440 BCH worth approximately $482 million. A separate 10,000-BCH transaction worth $5 million was flagged just before the historic movement of 80,000 dormant BTC, suggesting it may have been a private key access test.

The Bitcoin Cash Foundation also released Knuth v0.68.0 on July 1, aimed at improving UTXO efficiency. While BCH adoption remains modest, small community projects continue exploring BCH for micropayments and NFTs. Roger Ver remains an active supporter, although recent advocacy has lacked major institutional backing.

Technical analysis shows BCH traded between $481.83 and $489.35 on July 5, with strong support at $481.83 and resistance near $489.43. Price briefly broke above $483.25 on rising volume, suggesting ongoing short-term momentum amid consolidation.