Key points:
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Bitcoin returns to $119,000 after a CME gap fill as new Galaxy Digital exchange transactions fail to sway the market mood.
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Nerves over “OG” BTC sales seem to have passed after last week’s 80,000 BTC transaction.
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Trading circles still see the potential for another BTC price dip.
Bitcoin (BTC) returned to $119,000 on Tuesday as markets seemed to ignore the risk of another $450 million sell-off.
BTC price stable on Galaxy Digital wallet outflows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD up nearly 1%.
A brief dip toward $117,000 during the US trading hours the day before failed to spark a sustained downturn, with bulls retargeting a key resistance zone.
The relative strength came despite news that asset manager Galaxy Digital had moved another 3,782 BTC from its wallet, “most of which” was sent to exchanges, per analytics resource Lookonchain.
“Is GalaxyDigital helping clients sell $BTC again?” it queried in a post on X, alongside data from crypto intelligence firm Arkham.
While considerably smaller than the 80,000 BTC sale that Galaxy facilitated last week, the potential distribution was notable in having no perceptible impact on price.
In contrast, last week saw a dip to $114,500 as the market absorbed supply that had previously stayed dormant for 14 years.
The phenomenon has been seen before — as Cointelegraph reported, US trade tariffs and associated headlines have likewise had a diminishing effect on the market as 2025 has progressed.
Bitcoin may see another “flash sale”
Commenting on the current market structure, traders and analysts held mixed opinions.
Related: ‘Biggest trade deal ever’ — 5 things to know in Bitcoin this week
Daan Crypto Trades noted that the $117,000 downturn had closed the latest weekend “gap” in CME Group’s Bitcoin futures.
“And yet again, there’s the CME gap close on Monday just like the previous 5 weeks. We’re building quite the streak at this point,” he observed.
“The longer this goes on, the more of a self fulfilling prophecy it will become.”
For trading resource Material Indicators, short-term momentum depended on the 21-day simple moving average (SMA) at $117,480.
“Volatility is heating up ahead of the monthly close, and Trend Precognition is indicating that Bitcoin isn’t likely to make a new high today,” it told X followers Tuesday.
“Pending this support test at the 21-Day SMA, $BTC may have a flash sale.”
Still wary of a longer-term trend change was trader Roman, who warned of bearish divergences developing across price indicators and gave a potential downside target of $108,000.
“Likely going to see a 108k pullback OR we consolidate between here and 115k to sort them out,” he concluded, describing both outcomes as “likely.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.