Long-term Bitcoin holders are reducing their positions near the critical $120,000 resistance level, shifting into net negative accumulation territory in a clear signal of profit-taking behavior. This trend coincides with Galaxy Digital’s recent sale of 80,000 BTC, a significant institutional transaction that vastly exceeds typical retail volumes.
The institutional-scale profit-taking at key technical resistance levels poses a substantial influence on overall market momentum and investor sentiment. Should additional major holders follow Galaxy Digital’s precedent of capitalizing on price strength, Bitcoin could encounter intensified selling pressure risk. Conversely, should institutional outflows remain contained, existing upward price momentum may persist.
Traders are advised to closely monitor both the durability of the $120,000 resistance level and institutional activity patterns for clues about near-term price direction. Market movements will likely pivot on whether this resistance zone transforms into a consolidation barrier or triggers broader profit-taking among heavyweight stakeholders.