Bitcoin Holders May Reduce Exposure Near $120K as Galaxy Digital Sells 80,000 BTC

Key Points

1. Long-term Bitcoin holders (LTHs) are turning net negative at the $120,000 resistance level, signaling profit-taking behavior.

2. Galaxy Digital's sale of 80,000 BTC represents a major institutional move, far exceeding typical retail volumes.

3. Institutional profit-taking at key resistance levels like $120K can influence market momentum and investor confidence.

4. If other major holders follow Galaxy Digital's lead, the market could face increased selling pressure; otherwise, Bitcoin may maintain upward momentum.

5. Traders should monitor whether the $120K resistance holds or breaks, as well as institutional behavior, to anticipate near-term price movements.