- Galaxy Digital’s $1.39B BTC deposits stir sell-off fears and market volatility
- Inverse Head and Shoulders on BTC chart hints at a breakout toward $500K
- Bitcoin price closely follows global M2 growth, signaling sustained bullish momentum
Bitcoin’s price action is heating up amid major whale activity and technical signals pointing toward a possible bullish breakout. Over the last 9 hours, blockchain tracking data from Spot On Chain revealed that Galaxy Digital deposited a massive 11,910 BTC worth approximately $1.39 billion across multiple crypto exchanges. This has raised questions across the crypto space about whether a significant Bitcoin sell-off is currently unfolding.
Whale Activity Sparks Caution
According to Spot On Chain, the source of these massive deposits may trace back to a long-term Bitcoin holder. This entity recently moved 80,202 BTC valued around $9.54 billion between July 15 and 18. The average transfer price hovered near $118,950. Notably, Galaxy Digital had already sent 2,000 BTC (worth $236 million) to Binance and Bybit on July 15.
Consequently, these large transactions are being viewed by traders as signs of potential offloading. The market responded with a slight pullback. Bitcoin’s price dropped roughly 2% over the last 24 hours and 4.25% in the past week.
As of press time, BTC trades at $115,392 with a 24-hour trading volume exceeding $71 billion. Market cap remains strong at over $2.29 trillion.
Bullish Reversal Taking Shape
Despite bearish fears from whale movements, technical analysts are not backing down. Crypto Patel, a well-known analyst, highlights a powerful bullish formation on the weekly BTC/USDT chart. An Inverse Head and Shoulders pattern has completed, with the neckline sitting near the $120K mark.
If Bitcoin breaks and sustains above this resistance, Patel projects a massive 382% move, potentially targeting $500K to $565K in the coming months. The pattern’s symmetry adds strength to the thesis.
Left shoulder formed in 2021, the head during 2022–2023, and the right shoulder now in 2024–2025. Patel urges traders to watch for a clean weekly close above the neckline for confirmation.
Liquidity Signals Long-Term Momentum
Beyond charts and whale moves, macroeconomic data supports the bullish outlook. CryptoRank reports that Bitcoin continues to track global M2 money supply closely. This correlation suggests that as global liquidity increases, Bitcoin’s price tends to follow.
The 10-week projection for M2 growth points to sustained upward momentum. This adds weight to the bullish case, aligning with Crypto Patel’s technical forecast. However, investors remain cautious, watching both on-chain data and macro trends closely.
