#BTC Market Analysis# Bitcoin dropped by 2.56% in the last 24 hours, falling below key short-term support levels. The decline comes against a backdrop of a combination of large whale transactions, cooling technical momentum, and weak performance in the broader crypto market.

On July 25, Galaxy Digital transferred 3,500 BTC worth approximately $404 million to centralized exchanges. An additional 1,500 BTC ($176 million) were sent to unidentified wallets, according to on-chain data. These transactions raised fears of a potential sell-off, as the transfer of large amounts of BTC from whales to exchanges often precedes downward pressure on the price.
The total transaction value reached $580 million — one of the largest single-day inflows to exchanges in recent weeks.
Bear signals confirm the loss of momentum
The technical picture of Bitcoin shows increasing pressure for a decline. The MACD histogram reports -166.78, a signal for a bearish crossover. The RSI has fallen to 62.21 compared to 67 a week ago, indicating a weakening of the buying momentum.
The price of BTC briefly reached $115,240 but managed to hold that level. The failure to return above the 7-day simple moving average ($118,257) triggered automated sell-offs and intensified the decline.
ETF outflows and overall market weakness weigh on sentiment
The entire crypto market is also facing difficulties — the total market capitalization has decreased by 2.72% for the day. Although on July 24, Bitcoin ETFs attracted $227 million, the total assets under management decreased by $131 million on a monthly basis, according to Foresight News.
Meanwhile, the Altcoin Season index decreased by 11.9% over 24 hours, indicating that capital is not being redirected towards riskier assets. The Fear and Greed index also fell to 66, reflecting a weakening bullish enthusiasm.