Bitcoin price could retest $110k amid market cooling, analyst warns

Bitcoin has fallen sharply over the past 24 hours, dipping nearly 3% to around $115,376, its lowest point in two weeks.

According to CryptoSlate’s data, the decline follows a recent peak of around $119,291 on July 24, wiping out close to $4,000 in value during the past day.

The sudden drop is likely tied to large Bitcoin holders taking generational profits.

Blockchain analysis platform Lookonchain reported that asset management firm Galaxy Digital shifted close to 30,000 BTC from its wallets in a single day.

According to the blockchain firm, most coins, at least $1.15 billion in Bitcoin, were sent to centralized exchanges such as Binance and over-the-counter (OTC) trading platforms.

Despite the large outflows, Galaxy still holds 18,504 BTC, which is worth about $2.14 billion at current prices. Sani from Timechainindex values the total BTC sold by Galaxy from old Bitcoin wallets over the past week at around $8 billion

Meanwhile, the size and speed of the transfers have stirred concerns about further selloffs in the near term.

Commenting on the price movement, Valentin Fournier, lead research analyst at BRN, noted that this marks the second straight day of losses. He said the market is cooling off after an overheated stretch, with trading momentum weakening and new ETF inflows slowing down.

He added:

“We see this as a potentially healthy reset, especially after excessive long positioning has been flushed. We expect further weakness to possibly take Bitcoin down toward the $110,000 support zone over the next few sessions.”

Altcoins falter

Meanwhile, the downward pressure hasn’t spared altcoins either, with major assets like XRP, Solana, and Dogecoin all recording modest losses in tandem with Bitcoin’s slump.

According to CryptoSlate’s data, Ethereum emerged as a rare gainer during the period, up by around 2% to $3,722 as of press time.

Dean Chen, a crypto analyst at Bitunix, attributed the broader market’s pullback to profit-taking behavior after an extended rally. He emphasized that the move is likely a liquidity sweep aimed at overleveraged long positions.

He added:

“From a structural standpoint, prices remain well-supported above key levels, with no major breakdowns observed. This suggests we are still in a consolidation phase, rather than entering a full-fledged bear market, and could see renewed accumulation once the broader uncertainty clears.”

The post Bitcoin price could retest $110k amid market cooling, analyst warns appeared first on CryptoSlate.

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