Bitcoin cash (BCH) has experienced a 10% price reversal, dropping to $225 on October 9. The cryptocurrency failed to surpass the $250 resistance level last week. The behavior of Bitcoin miners and crypto whales will play a significant role in determining how BCH price will react in the coming weeks.
BCH’s price surged by 150% in June, pushing it above $300 and making it one of the top gainers in 2023. However, data indicates that during this rally, BCH miners decided to liquidate their block rewards, causing their reserves to drop from 8.37 million to 5.76 million BCH between June 19 and October 9. This is the first time in three years that BCH miner reserves have fallen below 6 million. The constant decline in miner reserves could increase the market supply and exert downward pressure on BCH prices. Despite this, if bullish whale traders continue to inject fresh capital into BCH, it could potentially prevent a major price retracement.
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