Bitcoin Drops to $115,000, $BTC
Buyers Quickly Buy When the Price Drops📉
The news about the initial sale of Bitcoin worth 9 billion dollars🤯🤯 has already caused volatility in the price.
🧐🧐 The price of Bitcoin has been fluctuating recently around 119,000 dollars, so the wave of sudden sales has led to a short-term correction. On July 25, when the news about the Galaxy sale spread, the BTC/USD pair quickly dropped to around 114,000 to 115,000 dollars.
The enormous amount of 80,000 BTC (which represents more than 0.4% of the total supply) released to the market could cause panic. In fact, there have been signs of profit-taking and an increase in the flow of money to exchanges in the days around the sale. This, in turn, led to a drop of 3.5%, one of the largest daily declines of Bitcoin in several weeks, temporarily breaking below the support of 115,000 dollars.
However, it is clear that Bitcoin buyers were ready to face this shock. The price bottomed out just hours later. By the end of the day, Bitcoin had recovered above 117,000 dollars and was trading again around the average of 117,000 dollars.
This quick recovery demonstrates the remarkable liquidity and depth of the Bitcoin market. "80,000 BTC, valued at more than 9 billion dollars, were sold in the open market, and Bitcoin barely fluctuated," commented cryptocurrency analyst Joe Consorti, indicating that buyers quickly intervened to offset the selling pressure.
