Summary
TLDR: Bitcoin Cash (BCH) price may not breach year-to-date high due to bearish anticipation, influenced by whales selling off large amounts of BCH. Retail investors are also expected to sell, potentially leading to corrections. BCH vulnerable to dropping to $448, $400, or $378, but could rise towards $520 if $501 resistance is successfully tested as support.
Key Points
1. Bitcoin Cash (BCH) price is making another attempt at breaching the year-to-date high, although, by the looks of it, this may not happen.
2. Multiple reasons are contributing to the bearish anticipation, but this could be turned around if BCH flips a crucial level into support.
3. Bitcoin Cash price will potentially bear the impact of the bearishness exhibited by the whales. These large wallet investors tend to sway the direction of the price action.