80K Bitcoin offloaded as $120K turns into resistance: A fall ahead?

Key Points

1. Bitcoin (BTC) is trading at $118,237, showing little change from the previous day, but remains volatile after hitting an all-time high (ATH) of $123,000.

2. BTC's previous weekly high of $120K has turned from support to resistance, with potential to drop further to $116K or even $113K.

3. A whale sold 80,000 BTC, accumulated during a previous era, to treasuries, ETFs, and exchanges, contributing to downward pressure.

4. Trader James Wynn is shorting Bitcoin and Hyperliquid (HYPE) with high leverage, profiting $473K in 24 hours after a recent liquidation.

5. CryptoQuant reports a spike in BTC inflows to exchanges, with 18,761 BTC deposited in the last 24 hours, signaling potential selling pressure.