BTC Price Rises As Galaxy Digital Completes 80,000 Bitcoin Sale

The BTC price is again on the move, following its break above the $117,000 level. This follows Galaxy Digital’s completion of its sale of 80,000 Bitcoins, which it made on behalf of a Satoshi Era Whale. The flagship crypto had dropped below $115,000 today due to the massive selling pressure.

BTC Price Rebounds As Galaxy Digital Completes Bitcoin Sale

TradingView data shows that the flagship crypto is currently trading above $117,000, rebounding from its intraday low of $114,759. Bitcoin had dropped to this level amid significant selling pressure from Galaxy Digital.

Meanwhile, this BTC price rebound follows the crypto firm’s announcement that it has completed the sale. Galaxy Digital issued a press release, stating that it had successfully executed one of the largest notional bitcoin transactions in the history of cryptocurrency on behalf of a client.

The crypto firm further noted that the 80,000 BTC, valued at around $9 billion based on current market prices, was for a Satoshi-era investor. This represents one of the earlier and most significant exits from the digital asset market, according to the firm. They also stated that the transaction was part of the investor’s broader estate planning strategy.

As CoinGape reported, this sale has a significant impact on the BTC price and the broader crypto market. The selling pressure triggered a 3% decline in Bitcoin, sparking $646 million in crypto market liquidations, including $152 million in BTC long positions.

With the sale out of the way, it remains to be seen if Bitcoin can sustain a bullish momentum and rally to new highs. On the other hand, there is still the possibility that it could drop to the CME gap at around $114,000. A potential trade deal between the U.S. and the E.U. this weekend is one factor that could help BTC maintain this momentum.

Meanwhile, Bloomberg analyst Eric Balchunas also weighed in on the Bitcoin sale, questioning why the whale would sell $10 billion at once. He remarked that it seems more logical to sell a little, especially if the person is an OG believer.

Levels To Watch For The Flagship Crypto

In an X post, crypto analyst Ali Martinez said that the most important levels to watch for the BTC price right now are $116,095 as support and $118,955 as resistance. He made this revelation based on the cost basis distribution.

Crypto analyst Titan of Crypto raised the possibility of Bitcoin dropping to as low as $1120,000. While analyzing the weekly structure, he questioned if BTC could retest the inverse Head-and-Shoulders neckline at this level before potential continuation.

Regardless of what happens to the BTC price in the short term, it is still expected to reach new highs before the end of this year. Citigroup recently predicted that the flagship crypto could reach $199,000 for their bull case scenario.