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Bitunix Analyst: UK Plans to Sell BTC Triggers Selling Pressure Risk, BTC Short-term Support at 116,300, Resistance at 120,000
Summary: According to reports, the UK is considering selling approximately $7.1 billion worth of Bitcoin to fill budget deficits, causing market concerns. With over 60,000 BTC in its possession, the UK is the world's third-largest official holder, and if the sale goes through, it may repeat last year's situation in Germany where a sell-off led to ...
According to reports, the UK is considering selling approximately $7.1 billion worth of Bitcoin to fill budget deficits, causing market concerns. With over 60,000 BTC in its possession, the UK is the world's third-largest official holder, and if the sale goes through, it may repeat last year's situation in Germany where a sell-off led to a sharp price drop. BTC prices plummeted briefly but quickly rebounded, currently trading around $118,300. The daily candlestick chart shows multiple touches at the support level of $116,300, indicating clear short-term support; while $120,000 is a significant resistance level with a large number of pending orders, posing potential resistance for bulls. Bitunix analysts suggest monitoring the progress of the UK's BTC sale in the short term, with a potential test of the $110,000 range if the $116,300 support is breached. It is advised to observe resistance reactions and avoid chasing highs, while considering Bitcoin Hyper assets for the medium to long term.
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Link: Bitunix Analyst: UK Plans to Sell BTC Triggers Selling Pressure Risk, BTC Short-term Support at 116,300, Resistance at 120,000 [Copy]
