Bitcoin: Current Levels Could Trigger A Major Move

This week, bitcoin seems to have lost its sprinter’s legs. No plunge towards $110,000, no breakthrough beyond $120,000 either. Almost dead calm. This lack of movement leaves crypto observers puzzled. The market king is content to stay within a narrow range, as if holding its breath. And this silence worries as much as it intrigues.

Galaxy Digital Shakes Bitcoin’s Boat

Bitcoin news: when looking for a cause, one often ends up finding Galaxy Digital. This crypto finance giant has, according to data, transferred over 80,000 BTC to exchanges in recent weeks. On July 26 alone, 12,850 BTC, equivalent to 1.5 billion dollars, were reportedly sold.

Daan Crypto Trades, a well-known trader, did not fail to point it out on X: “Bitcoin is testing the bottom of its range and has swept the local liquidity. A break of this zone could lead to a test towards $113,500.”

These massive moves are not trivial. They disrupt the fragile market balance. Vishal Techzone goes further:

Galaxy Digital has just transferred nearly 30,000 $BTC worth 3.5 billion dollars, most of which were immediately exchanged.

For some, this purge could prepare the ground for an altcoin recovery. Ether Wizz reminds that during the last wave of Galaxy’s selling, the alt market had jumped shortly after.

Crypto Market Holds Its Breath, Key Levels in Sight

While Galaxy shakes the tree, the crypto market scans the ground searching for anchors. Bitcoin struggles to escape its range. Its support at $113,500 becomes a psychological and technical bulwark. A break could open the way to more severe turbulence.

Meanwhile, analysts juggle the numbers. Caution is advised, and pending orders are thickening.

Highlighting the key figures:

• 80,000 BTC have been transferred to exchanges from wallets associated with Galaxy Digital;
• 12,850 BTC were liquidated in one day, valued at 1.5 billion dollars;
• $113,500 is now the support level closely monitored by traders;
• Galaxy withdrew $1.15 billion in USDT after the sales, revealing a strategic repositioning;
• A past massive sell-off had triggered an altseason, a precedent some hope to see replayed.

Despite this climate of uncertainty, a crypto dynamic is taking shape. The volatility, absent for now, could return swiftly if a break occurs.

In this apparent haze, some investors keep their eyes fixed on the horizon. A whale recently bet $23 million on bitcoin at $200,000 by 2026, via options on Deribit. A crazy bet? Maybe. But in the crypto universe, today’s utopia sometimes becomes tomorrow’s norm.