BlockBeats news, on July 21, it was reported that the UK plans to sell approximately 7.1 billion USD worth of Bitcoin to fill the budget deficit, raising market concerns. The UK currently holds over 60,000 BTC, making it the third-largest official holder in the world. If this sale occurs, it may lead to a repeat of last year's situation where Germany's sale triggered a sharp price drop.
From the chart, BTC price once plummeted and then quickly rebounded, currently reported at around 118,300 USD. The daily K-line has formed multiple touches at the support level of 116,300 USD, with clear short-term support; meanwhile, the upper level of 120,000 USD is an obvious pressure zone, and the liquidation map shows a large number of pending orders in this area, posing potential resistance for bulls.
Bitunix analyst suggests: In the short term, pay attention to the UK's progress in selling BTC. If it breaks below the support at 116,300, it may test the 110,000 USD range. It is advisable to observe the reaction to pressure and avoid chasing highs. For the medium to long term, consider Bitcoin Hyper assets.
