Bitcoin price shrugs off potential new $450M Galaxy Digital BTC sale
Main Idea
Bitcoin's price remained stable despite potential large sell-offs from Galaxy Digital, with market reactions showing resilience to recent large BTC transactions.
Key Points
1. Bitcoin's price stayed around $119,000, showing little reaction to Galaxy Digital moving 3,782 BTC, mostly to exchanges.
2. Last week, Bitcoin dipped to $114,500 after Galaxy Digital facilitated an 80,000 BTC sale, but the market quickly absorbed the supply.
3. Analysts noted the closure of a CME Group Bitcoin futures gap at $117,000, suggesting a recurring pattern in recent weeks.
4. Traders are monitoring the 21-day simple moving average (SMA) at $117,480, with some predicting potential volatility or a 'flash sale'.
5. Longer-term, traders are cautious, with predictions of a possible pullback to $108,000 or consolidation between $115,000 and current levels.
Description
Bitcoin seems unfazed at new outgoing wall transactions from Galaxy Digital, with "most" of the BTC ending up in exchange accounts.
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