Bitcoin (BTC) recovered on Friday after briefly falling below $115,000 overnight, returning to its recent trading range around $117,000. The largest cryptocurrency is still down about 1.2% in the past 24 hours but shows signs of stabilization following a massive sell-off.
Market analysts linked the sudden dip to Galaxy’s transfer of tens of thousands of BTC to exchanges. The firm later confirmed it facilitated the sale of 80,000 BTC — valued at roughly $9 billion — on behalf of a client. According to Galaxy, the transaction ranks among the largest in crypto history and was part of the investor’s estate planning strategy.
The whale behind the sale had reportedly held the bitcoin since the early years of the network, keeping the coins dormant for more than a decade before moving them to trading desks this month. The liquidation initially pressured prices but may have cleared a major overhang in the market.
With selling pressure easing, some analysts believe bitcoin’s local bottom could be near. John Glover, chief investment officer at crypto lender Ledn, suggested the cryptocurrency is completing a corrective sub-wave in a broader bullish trend. Using Elliott Wave analysis, Glover projected a rally toward approximately $132,000 once the correction ends, potentially as early as this weekend.
Bitcoin’s recovery comes amid heightened anticipation of new all-time highs as institutional interest remains strong and macroeconomic conditions continue to favor risk assets. Traders are closely watching for confirmation of a rebound, with many eyeing $120,000 as the next resistance level to reclaim.
The market’s focus now shifts to whether bitcoin can sustain momentum and extend gains beyond its current consolidation phase.
