Bitcoin Surges Past $115,000 Amidst Galaxy Digital’s Sales Pressure
Bitcoin has surpassed the $115,000 level, regaining momentum amid market uncertainty. Traders are optimistic about Bitcoin's resilience after it tested key support levels.
- Despite positive movement, analysts caution about potential corrections due to a fragile broader structure.
- Galaxy Digital continues selling Bitcoin, creating market pressure and highlighting complex dynamics despite the recent rally.
Galaxy Digital's sales involve significant transactions, such as 1,190 BTC sent to Binance, worth over $135 million. This institutional selling occurs as bulls aim to maintain momentum above $115,000.
The US government shutdown poses risks to global markets, potentially affecting Bitcoin prices through fear-driven selling or attracting investors seeking a hedge.
BTC Approaches Resistance After Strong Rebound
Bitcoin is trading near $116,200 after rebounding from last week's lows of around $109,000. The price approaches the resistance zone at $117,500, a level that has limited rallies since August.
- Bitcoin has moved above its 50-period and 100-period moving averages but still faces the 200-period average near $115,000.
- A decisive close above $117,500 could lead to stronger buying pressure, aiming for $120,000 or yearly highs near $125,000.
- Rejection at this level may result in profit-taking, pushing prices back to $114,000 or $112,000.