Bitcoin is holding steady around $118,000, showing resilience despite growing market concerns. But a series of large transfers by Galaxy Digital have sparked fresh concerns. Could a sell-off be coming?
Let’s dive in.
In a latest development, on-chain data shows that Galaxy Digital has moved 3,782 Bitcoins worth $447 million to several wallets in the past 12 hours. The bulk of these transfers were to major crypto exchanges, which have sparked fears in the crypto community. Is Galaxy Digital all set to facilitate another round of Bitcoin selling?
One of the transactions involved 450 BTC in a single move. Galaxy hasn’t released an official comment yet, but the size and timing of the transfers have sparked fresh speculation about a potential sale.
Bitcoin Price Remains Stable, For Now
Despite the noise, Bitcoin hasn’t moved much. It’s currently trading at $118,217, down just 0.4% in the past 24 hours. This is a sharp contrast to last week, when Galaxy moved $9 billion worth of BTC from a dormant wallet dating back to the Satoshi era, pushing prices briefly down to $116,000.
The fact that Bitcoin held its ground this time shows more stability in the market, but investors remain cautious.
Long-Term Holders Begin Taking Profits Near $120K
A Cryptoquant analyst points out that long-term Bitcoin holders (LTHs) have turned net negative right as BTC approaches the key $120,000 resistance, which is a strong psychological level. This shift suggests some seasoned investors may be locking in profits after holding through multiple market cycles.
While Bitcoin’s overall selling is not a big concern yet, Galaxy Digital’s huge sale of 80,000 BTC stands out. The analyst notes that this is a clear example of institutional-level profit-taking. Will other large holders follow Galaxy’s lead? Or is it simply a strategic decision to cash in after Bitcoin’s strong rally?
Whatever the case is, these actions could significantly shape Bitcoin’s direction in the coming weeks.
Bitcoin Top Could Be Weeks Away
On-chain data shows Bitcoin might be near a cycle top. The MVRV 365DMA is showing a pattern like 2021, just before the last big drop. If the pattern repeats, the peak could come in late August or early September. This also lines up with market expectations around Fed policy and macro shifts.
Analysts note that Bitcoin has once again closed the CME futures gap on Monday, marking the sixth week in a row. Crypto analyst Ali suggests that Bitcoin’s next major peak could hit $149,679.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The next few days and weeks could be critical. Bitcoin’s next move could depend on how other major players respond.
FAQs
BTC holds steady at $118K despite Galaxy’s moves, but long-term holders are taking profits near $120K resistance, signaling potential volatility ahead.
On-chain data suggests BTC may peak at $149,679 by late August/September, mirroring 2021 patterns before a major correction, per analyst Ali.
Yes, Cryptoquant analysis shows long-term Bitcoin holders have turned net negative near the $120,000 resistance, indicating profit-taking.
