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07/26 20:48

Bitcoin Price Falls on Galaxy Digital Sell-off Bi

Bitcoin Price Falls on Galaxy Digital Sell-off

Bitcoin price has fallen more than 3% today after a strong recent market rally. The drop comes after a massive Galaxy Digital sell-off that has affected the entire cryptocurrency market.

Moreover, according to CoinMarketCap, an automatic sell order was triggered when Bitcoin fell below the 7-day simple moving average at $118,257 and breached the 23.6% Fibonacci retracement at $118,859.

With the RSI still above the oversold territory and the MACD bar chart falling to -166, the momentum indicator supports the bearish trend and signals further declines. The psychological level of $115,000 and $116,241 are currently key support levels.

Galaxy Digital appears to be shifting its focus to Ethereum-based systems, which suggests that institutional investors are moving towards portfolio rebalancing. CEO Mike Novogratz recently spoke on CNBC, praising Ethereum’s potential relative to Bitcoin, noting that tightening supply and increased institutional inflows are key drivers of future growth.

His comments suggest that while he acknowledges Bitcoin as a solid and defensive asset, there is growing bullishness on Ethereum’s upside in the changing cryptocurrency landscape.

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