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Bitcoin has undergone significant volatility following the announcement that Galaxy Digital completed the sale of 80,000 BTC on behalf of a long-term client. The firm’s press release on July 25 disclosed that the deal, one of the largest nominal Bitcoin sales in history, was successfully finalized and immediately rattled the market. The news swiftly permeated the crypto sphere, provoking speculation and sharp price movements.
At its peak, Bitcoin recently reached the $123,000 level, but the announcement induced heavy selling and raised fears that this might signify a local peak. Short-term holders began realizing losses as the price retreated, while analysts debated whether this historic exit indicates distribution at the apex or merely a healthy pause in a prolonged bullish trend.
As Galaxy’s involvement in the transfer becomes clearer, focus shifts to the broader consequences. Many market participants now question if more traditional holders are getting ready to exit and what effect this may have on Bitcoin’s trajectory ahead. With volatility escalating and investor sentiment unsettled, all eyes are on how the market copes with this $9 billion sell-off and whether support levels will sustain in the coming days.
A Historic Exit: Bitcoin Sale Triggers Market Speculation, Local Peak Anxiety
Galaxy Digital has confirmed the successful completion of one of the largest nominal Bitcoin transactions in crypto history. The firm finalized the sale of over 80,000 BTC—valued at more than $9 billion at current market rates—on behalf of a Satoshi-era investor. According to the company, this landmark sale was part of the investor’s broader estate planning strategy, marking one of the earliest and most significant departures from the digital asset market to date.
The announcement has sent tremors through the market, not only due to the immense quantity of Bitcoin involved but also because of speculation about the identity of the investor. As details remain private, many analysts are questioning whether this move signals a change in market sentiment or simply represents natural profit-taking after an extended bull trend.
Some analysts contend that this sale is part of a healthy cycle, where early holders begin to realize profits after years of holding through numerous market cycles. They believe the market possesses the liquidity and institutional interest to absorb such a sale without enduring long-term harm. However, others view the timing and magnitude of the sale as a potential caution sign—a signal that Bitcoin may have reached a local peak around the $123K threshold.
BTC Faces Critical Retest After Breakdown Below Support
Bitcoin is trading at $117,407 after temporarily falling below the $115,724 support zone indicated on the chart. This level has acted as the lower boundary of the range that began forming in early July, with resistance at $122,077.61. The price responded swiftly after the breakdown, reclaiming the 50-day SMA on the 8-hour chart, indicating the pullback might have been a liquidity sweep rather than a confirmed trend reversal.
Volume surged during the dip, indicating strong buying interest near the support level. However, Bitcoin remains beneath the 50-SMA ($117,593), which currently serves as immediate resistance. The 100-SMA and 200-SMA remain comfortably below, reinforcing the longer-term bullish framework is intact, though momentum is waning in the short term.
If bulls can push BTC back above the $118,000 region and reclaim range highs, a retest of $122,000 is likely. Conversely, failure to maintain above $115,724 could prompt a decline towards the 100-SMA at $112,548, or even the 200-SMA at $109,436 if selling intensifies.
Featured image from Dall-E, chart from TradingView
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