- The Bitcoin Cash (BCH) price has rebounded from $533, regaining bullish momentum above key supports.
- Whales are driving activity as retail participation stays near multi-year lows.
- A break above $572 could open the path toward $600 and beyond.
Bitcoin Cash (BCH) has clawed back from recent lows, reigniting optimism that the cryptocurrency could soon test the $600 mark.
After sliding to $533.34 on August 26, BCH rebounded more than 3% in 24 hours, a move analysts say confirms a near-term bottom and signals momentum may be shifting back to the bulls.
Bounce restores confidence
The quick recovery followed weeks of consolidation that had dampened enthusiasm around Bitcoin Cash.
The sharp rebound suggests buyers are once again stepping in at key levels.
Technical signals point to renewed strength, with a hidden bullish divergence on the daily RSI indicating momentum buildup beneath the surface.
BCH continues to trade within a bullish ascending channel, though resistance near $572 remains a critical test.
According to market analysis, an hourly close above that barrier could confirm a breakout, potentially accelerating gains.
Retail activity mutes as whales step in
On-chain data shows that whales were in an accumulation spree during the downturn, with whale transactions worth $482 million on August 7 — the biggest spike since early July.
Notably, large holders often move ahead of rallies, and a similar wave of activity preceded a 75% surge in July.
However, activity among smaller players remains subdued.
The daily active BCH addresses hover near six-year lows at about 19,000, highlighting weak organic adoption.
This divergence suggests speculation, not retail demand, is driving current moves.
Sustained whale inflows will be key in determining whether momentum carries forward.
The key resistance and support levels in focus
Looking at the BCH price chart, the cryptocurrency must hold above $544.23 to maintain its upward bias.
In addition, a break above $569.77 could pave the way to $595.84 and even $638.56, with Fibonacci targets at $607 and $664 adding weight to the bullish case.
Sharky, a well-followed trader, believes BCH could mirror its June rally, when it surged shortly after Bitcoin.
He highlights a 74-week trend…