Bitunix Analyst Warns UK BTC Holdings Sale Could Trigger Sell-Off; BTC Support Holds at $116,300

Bitunix analyst highlights potential market volatility as the UK government plans to liquidate its Bitcoin holdings, signaling a possible sell-off risk in the crypto sector. This strategic move could exert downward pressure on Bitcoin prices, prompting investors to reassess their positions amid increased supply. Current technical analysis identifies a critical support level at $116,300, which, if breached, may trigger further declines. Conversely, resistance is firmly established near the $120,000 mark, representing a significant hurdle for bullish momentum. Market participants should monitor these key price points closely to navigate potential fluctuations effectively. The development underscores the importance of integrating geopolitical factors into crypto market forecasts, as institutional actions continue to shape asset valuations. Staying informed on such macroeconomic dynamics is essential for maintaining a robust investment strategy in the evolving digital currency landscape.