BCH's performance around 655 warrants a re-evaluation. Behind this recent rebound, technical, capital, and on-chain data all reveal some noteworthy details.

From the candlestick patterns, each rally is accompanied by a clear upper shadow, indicating significant resistance at higher levels. More importantly, the trading volume—when the price hits 655—did not increase, which is usually not a good sign in a breakout scenario. Rising prices on low volume often suggest insufficient participation and can lead to repeated reversals.

On-chain data is even more interesting. Over the past few hours, during BCH's rebound from 645 to 655, whales and large holders have been net sellers. According to on-chain fund tracking, the selling scale of these big whales has reached tens of millions of dollars. The contrast is stark—retail investors are following the trend and buying, while large holders are reducing their positions on the rebound. Who is taking the buy-in, and who is offloading? The data makes it very clear.

Even more worth pondering is the pile of sell orders above 655. Are these orders potential shorting pressures, or are they deliberately placed by the main players as a "ceiling" to guide expectations? Without strong volume confirmation, such sell walls could disappear at any moment, and the price could quickly fall back.

Currently, the technical outlook shows risks at higher levels, with volume lacking confirmation, and large on-chain holders fleeing. Combining these three dimensions, it’s clear that in the short to medium term, caution is warranted. It’s time to consider risk management.