Galaxy Digital conducted a significant sell-off of Bitcoin, unloading 1,610 BTC, which contributed to the cryptocurrency's price drop below $110,000.
Galaxy Digital's Bitcoin Sell-Off
Recently, the investment firm Galaxy Digital executed the sale of 1,610 BTC. CryptoQuant data reveals that the firm’s Bitcoin balance has experienced considerable fluctuations in recent months, aligning with market dynamics.
The firm's wallet activity indicates substantial outflows, especially in early September, amid declining Bitcoin prices.
Bitcoin Price Analysis and Market Effects
Bitcoin's price currently hovers around $109,576, facing seller pressure. After a failed retest near $122,000, the cryptocurrency saw a nearly 13% drop, breaking key support areas such as the bullish order block and the $112,000 support level.
Analysts note that large transactions can widen market spreads, creating a domino effect on liquidity and volatility.
Future Bitcoin Market Behavior
Recent forecasts suggest that bulls must break the resistance at $113,500. If unable to do so, a potential move toward the $100,000 liquidity zone could occur. The key level to monitor remains $113.5K.
The unloading of 1,610 BTC by Galaxy Digital raises concerns among investors and may influence the future trajectory of Bitcoin. It is essential to watch market dynamics closely.
