Bitcoin Holds $119K Despite Galaxy Digital’s $450M Selloff Risk

Bitcoin remains resilient at $119,000, brushing off potential pressure from Galaxy Digital’s latest exchange-bound BTC transfer. Analysts remain split on whether a pullback to $108K or consolidation is next.

Bitcoin returned to the $119,000 level on Tuesday, showing unexpected strength despite concerns over another large-scale selloff potentially orchestrated by Galaxy Digital. Market participants had expected turbulence following a new transfer of 3,782 BTC—valued at around $450 million—into exchanges by the asset manager.

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The transaction, flagged by analytics platform Lookonchain and confirmed by Arkham data, raised concerns that Galaxy Digital might be assisting clients in offloading BTC again. However, the market response was notably calm, in contrast to the panic triggered last week when 80,000 dormant BTC moved for the first time in 14 years, pushing the price down to $114,500.

Despite this, BTC/USD climbed nearly 1% within 24 hours, according to data from Cointelegraph Markets Pro and TradingView. A brief dip to $117,000 during Monday’s U.S. trading hours was quickly reversed, with bulls aiming once more for resistance levels above.

Interestingly, the $117,000 dip also closed the latest CME futures gap—marking the fifth consecutive week that such gaps have been filled. As Daan Crypto Trades pointed out, this pattern is becoming a self-fulfilling prophecy among traders.

Material Indicators added that Bitcoin’s short-term movement now hinges on the 21-day simple moving average (SMA) at $117,480. Their algorithmic Trend Precognition tool suggests volatility is rising, and a sharp correction—or “flash sale”—could follow if support fails.

Meanwhile, trader Roman warned of growing bearish divergences on key price indicators. His outlook includes a possible pullback to $108,000 or a period of sideways consolidation between $115K and $119K.

Despite the short-term uncertainty, overall sentiment remains cautiously optimistic, as BTC continues to demonstrate resilience amid both institutional activity and macroeconomic shifts.

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