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Bitunix Analyst: The United Kingdom plans to sell BTC, raising the risk of selling pressure, and short-term support for BTC is 116,300, while resistance is at 120,000,(mansooralrhyb),

According to the site #mansooralrhyb , the United Kingdom announced on July 21st its plans to sell nearly 7.1 billion US dollars worth of Bitcoin to cover the budget deficit, raising market concerns. The United Kingdom currently holds over 60,000 Bitcoins, making it the third largest official holder in the world. If this sale is executed at this scale, it could replicate the intense selling scenario from Germany last year, which caused a sharp drop in prices.,

From the chart, the price of Bitcoin has sharply declined, then quickly rebounded, now at around 118,300 dollars. The daily K line has touched the range support level at 116,300 dollars several times, and the short-term support is clear; the higher level of 120,000 dollars represents a clear pressure area, and the liquidation map shows a large number of pending buy orders in this area, representing potential long-term resistance.,

Bitunix analysts indicate that in the short term, attention should be paid to developments in the Bitcoin sell-off in the United Kingdom. If its price drops below the support level of 116,300, it may test the range of 110,000 US dollars. It is advised to monitor the pressure reaction and avoid chasing the highs. In the medium to long term, you can focus on Hyper Bitcoin assets.,

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