Bitcoin Faces Heavy Selling as Major Wallets Transfer BTC to Exchanges

Galaxy Digital, led by Mike Novogratz, has transferred between 10,000 and 11,910 BTC (roughly $1.2–1.4 billion) to exchanges in recent hours, causing significant selling pressure. This action from large wallets has heightened fears of a major dump. Additionally, leveraged liquidations and profit-taking have led to approximately $700 million in long position liquidations, further driving down prices. Many traders took profits after Bitcoin surged close to a historic high of nearly $123,000. On top of that, adverse macroeconomic factors, such as the US Federal Reserve delaying interest rate cuts, have dampened risk appetite globally, impacting Bitcoin negatively. Technically, Bitcoin broke below the critical support level of $118,000, dropping into a crucial range between $115,000 and $112,000. However, some technical analysts suggest this decline might be a temporary retracement within a broader bullish trend.