Bitcoin has experienced fresh volatility and uncertainty as Galaxy Digital, a major financial service firm in Digital Asset Space, completing a historic transaction, which sent shockwaves through the market. The company carried out the sale of more than 80,000 BTC – value of over 9 billion dollars – one of the largest bitcoin transactions in Crypto history. This large -scale transfer has not only triggered sharp value swings, but has also put speculation around the identity of the seller and the implications for the broader market.
The founder and CEO of Cryptoctive, Ki Young Zoo added a deep layer to the story, revealing that the coins transferred were inactive for 14 years. According to Xu, these BTCs were once born from a wallet hosted by the dift platform Mybitcoin, which collapsed in 2011. Suddenly Punarskrians of these early era coins have raised eyebrows in crypto space, some analysts questioned whether the original owner, a potential initial minein or hacker, was involved in sales.
As markets react to this unprecedented transaction, investors are closely looking at the price action and institutional behavior of bitcoin for clues at the next major step. The coming days may prove to be important for BTC’s short -term trajectory.
Bitcoin Whale Mystery adds conspiracy to instability in the market
Ki Young Zoo has highlighted the possible identity of the mysterious bitcoin whale behind the recent 80,000 BTC transfer. According to JU, these coins wallets were inactive since April 2011, a few months before MybitCoin – first one of the bitcoin wallet services – was taken after a major hack in July of that year. The sudden recurrence of these coins strongly suggests that the hacker may be related to the Stash Brech or possibly the esoter of the platform, known as Tom Williams.
JU said that speculation has intensified that Galaxy Digital has bought bitcoins from this unit. However, there is uncertainty about whether forensic checks were done to confirm the validity and origin of these coins. Such a large-scale transfer and sales have solved concerns about potential selling-bands and their impact on market sentiments.
The next few days are expected to be important for bitcoin as the market digests this development. While bitcoin grapes with instability, atherium (ETH) have begun to perform BTC better, indicating a change in mobility. This deviation among the major crypto assets can set tone to the wider market in the coming weeks.
BTC supports after shakeout
A 4-hour chart for bitcoin suggests that after taking a dip below $ 117,471 under 100 SMA (Green), BTC received strong support near $ 115,724-one major horizontal levels that serve as a defense area repeatedly. This bounce came as a significant amount of entry into the market, indicating strong demand just below that level.
Now trading around $ 117,300, BTC has retrieved 100 SMAs and is trying to push above 50 SMAs (Blue), currently acting as a short -term resistance near $ 118,118. A confirmed brake and holder above this level can open the way for Range High Rettes at $ 122,077, which remains the main resistance before any new all-time high effort.
The consolidation structure formed between $ 115,724 and $ 122,077 is similar to a mid-cycle continuity pattern. This recent sweep of the lower range may have expelled leveraged people, allowing a healthy reset before the next step. However, the failure to keep a 100 SMA or another drop below $ 115,724 will invalve the rapid setup and will possibly trigger deep down.
Specially displayed image from Dall-E, chart from tradingview
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