Bitcoin Cash (BCH) recently saw a 5% rebound, reaching $490 on May 24, following significant whale activity suggesting further upside potential. This volatility came after the SEC's approval of the Ethereum ETF on May 23, which caused BCH to drop 11% to a weekly low of $472 before rebounding.

The drop in BCH price was attributed to a "sell-the-news" strategy, where investors sell off holdings amid bullish news to secure early profits. Despite this, whale investors remained bullish, with wallets holding at least 1,000 BCH increasing their holdings by 10,000 BCH to a total of 11.93 million BCH since May 20. At a current price of $496 per coin, these investments amount to approximately $5.2 million.

The large whale purchases have created bullish pressure by reducing market supply and boosting confidence in BCH's future performance. The Parabolic SAR indicator supports this bullish outlook, showing strong support at $454, below the current price. BCH is aiming for a target of $600, especially if whale buying continues to counteract the selling from swing traders. However, BCH faces short-term resistance at $530; breaking through this level could attract more buyers, potentially pushing the price towards $BTC