In a noteworthy development in the cryptocurrency market, Bitcoin Cash emerged as the front-runner with an 8% rise in trading value within the past 24 hours. As per a recent report from Watcher Guru on Wednesday, the digital asset is currently trading at approximately $237.
On-chain data recently made available reveals an uptick in the number of unique addresses holding BCH in the amount of $100 or more. This number has risen from 599.929k to 655.09k since mid-September, indicating a growing trend of accumulation. Conversely, the balance held by investors in Bitcoin Cash has seen a slight dip from 11.76 million to 11.72 million within the past two weeks. This suggests that some investors are booking profits.
The data also reflects attempts by bearish investors to establish a dominant position in the market. However, they have not fully succeeded in doing so. If the bullish investors maintain their momentum, they could counterbalance the bearish bias.
For Bitcoin Cash to sustain its rally, it must remain above the $233.7 mark in the forthcoming trading sessions. This would create an opportunity for the asset to potentially reach the $255.3 level. However, should BCH drop below the $230.1 support level, it could potentially decrease to $210.7 or $201.8, depending on the bearish market pressure.
Read Now: Is cryptocurrency the next big thing In gaming? GTA 6 rumors say Yes!