Bitcoin is once again stealing the spotlight as market volatility reaches fever pitch. Last Friday, the cryptocurrency giant stumbled below the crucial $110,000 threshold, sparking a whirlwind of concern about the sustainability of its recent rally. Since then, the market has been a rollercoaster of sharp swings, with bulls fiercely defending current levels amidst mounting selling pressure. Adding fuel to the fire, Galaxy Digital’s recent sale of 1,167 Bitcoin—a move unveiled by CryptoQuant—has further stirred the pot, raising eyebrows about whether institutional players are cashing in their chips.
Galaxy Digital’s BTC Sale Spurs Speculation
CryptoQuant analyst Maartunn reports that Galaxy Digital has trimmed its Bitcoin holdings by 1,167 BTC, a move that couldn’t have come at a more critical juncture. As Bitcoin teeters on the edge after breaching the $110,000 support level last Friday, this reduction in holdings has magnified the market’s fragility. While on its own, the sale might not seem monumental, the timing is what’s causing a stir. With BTC’s next weekly close looming, the market is on tenterhooks. This sentiment echoes recent concerns highlighted in Bitcoin traders say BTC price at ‘make-or-break’ point at $110K.
The broader context adds weight to Galaxy Digital’s move. Ethereum, a key player in the crypto universe, is holding its ground around critical demand levels after a turbulent few weeks, hinting that the capital flow is decelerating as investors reassess their risk appetite. Should Ethereum maintain its position, it might offer a lifeline to altcoins, yet Bitcoin remains the lynchpin of market sentiment.
Bitcoin’s Crossroads: Make-or-Break Moment
Currently trading around $108,764, Bitcoin shows signs of strain, struggling to claw back from last week’s nosedive below the $110,000 mark. Repeated rejections at approximately $112,000 underscore the considerable selling pressure. The technical indicators paint a precarious picture: the 50-day moving average, now resistance at $111,673, and the downward-sloping 100-day moving average at $116,323 signal a bearish tilt in medium-term momentum.
Support, however, hovers around the 200-day moving average at $101,207. If the downward trend persists, this level could be pivotal for a rebound. Failing to hold could see Bitcoin sliding toward the psychological $100,000 zone. The inability to reclaim the $110K–$112K corridor leaves Bitcoin exposed to further drops, raising the stakes for bulls to step up or risk a more severe correction. This aligns with recent observations in Bitcoin whales send BTC price under $109.5K as market ‘wobbles’ into US PCE.
Institutional Movements and Market Sentiment
Galaxy Digital’s activity may be indicative of broader institutional caution. Investors are now left to ponder whether this is merely a momentary shakeout or the precursor to a more significant distribution phase. Either scenario presents its challenges and opportunities. A robust weekly close above $110,000 might just restore confidence, suggesting that the dip was a temporary bout of profit-taking. However, if the selling pressure doesn’t let up, a descent toward $100,000 could be on the cards.
As the market grapples with these dynamics, Ethereum’s role becomes increasingly intriguing. Recent data shows Ethereum’s monthly transactions hitting new heights, a testament to its burgeoning demand. If Ethereum can maintain its momentum, it might lend some stability to the broader market. But for now, Bitcoin’s path remains the focal point, with its next moves likely setting the tone for the crypto landscape in the forthcoming weeks.
In a market as volatile as this, one thing is certain—investors and analysts alike will be watching closely. As history has shown, Bitcoin has a knack for surprising us all, making the coming days a crucial chapter in its ever-evolving story.
Source
This article is based on: Galaxy Digital Sells 1,167 Bitcoin Amid Ongoing Volatility
Further Reading
Deepen your understanding with these related articles:
- Altcoins Continue to Bleed Out as Bitcoin Fights to Maintain $110K: Market Watch
- More Pain Ahead? Bitcoin and Ethereum Charts Show Mixed Signals: Analysis
- Bitcoin Whale Sitting on $5 Billion Dumps More BTC to Buy Ethereum
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
