Bitunix Analyst: The UK's proposed sale of BTC triggers selling pressure risk, with short-term support at 116,300 and resistance at 120,000.

BlockBeats news, on July 21, it was reported that the UK plans to sell approximately 7.1 billion USD worth of Bitcoin to fill its budget deficit, raising concerns in the market. The UK currently holds over 60,000 BTC, making it the third largest official holder globally. If this sale materializes, it could repeat the scenario of last year's German selling, which triggered a sharp price drop. From the chart, BTC price once plunged sharply but then quickly rebounded, currently reported at about 118,300 USD. The daily K-line has formed multiple touches at the support level of 116,300 USD, indicating clear short-term support; while above, 120,000 USD is an obvious resistance area, and the liquidation map shows a large number of open orders in this region, posing potential resistance for long positions. Bitunix analysts suggest: in the short term, attention must be paid to the progress of the UK selling BTC; if it breaks below the 116,300 support, it might test the 110,000 USD range. It is advised to observe the pressure response and avoid chasing the price. For medium to long term, one may pay attention to Bitcoin Hyper assets.