According to Followin, On July 21, reports emerged that the UK government is considering selling over $7.1 billion worth of Bitcoin to help fill its budget deficit. The UK currently holds more than 61,000 BTC — the world's third-largest official BTC reserve — prompting concerns of a repeat of last year's Germany-led sell-off crash.
BTC prices briefly plunged but have rebounded to around $118,300. The daily charts show repeated support at $116,300, indicating strong short-term defense. However, $120,000 stands out as a resistance zone, with liquidation data showing high open orders that could potentially cap gains.
Bitunix Analyst’s View:
Watch the UK's Bitcoin offloading closely — a break below $116,300 may trigger a test toward $110,000. Investors should monitor resistance reactions and avoid chasing rallies. For medium-to-long-term investors, keep an eye on “Bitcoin Hyper” assets.
