Bitcoin News Today: Bitcoin Surges Past $119,000 Then Plunges 2.7% as Galaxy Digital Moves 10,000 BTC From Dormant Wallets

Bitcoin’s price surged past $119,000 in early July 2025, marking a pivotal moment in a volatile week for the cryptocurrency. The rally came after Bitcoin had fluctuated between an intraday low of $114,770 and a peak of $119,603, reflecting aggressive buying interest amid a period of erratic price action [1]. However, the ascent was short-lived, as the asset retreated to around $115,800 by late July 27, driven by sharp sell-offs and the movement of dormant coins [2]. The rapid swing highlighted the precariousness of leveraged positions, with Coinglass data estimating that trading above $119,000 could trigger $948 million in short liquidations, while dips below $116,000 might lead to $588 million in long liquidations on major centralized exchanges [3].

A key factor behind the correction was the reactivation of a historic Satoshi-era Bitcoin wallet. Galaxy Digital, a major institutional player, transferred 10,000 BTC—valued at approximately $1.2 billion—to exchanges over eight hours, sparking concerns of a potential selloff. The coins originated from a wallet inactive for over 14 years, fueling speculation about the motive behind the move [4]. While no immediate sale was confirmed, the perception of increased supply pressure accelerated Bitcoin’s decline, pushing it below $116,000 within hours [4]. Analysts noted that while such dormant wallet reactivations are not uncommon, they remain disruptive to market sentiment, as seen in similar events earlier in 2025 that coincided with price dips [4].

Despite the short-term bearish pressure, some observers emphasized that Bitcoin’s deflationary design—capped supply of 21 million coins—means large-scale transfers from old wallets do not fundamentally alter its long-term trajectory [4]. The broader cryptocurrency market mirrored Bitcoin’s turbulence, with the total market cap staying above $2.3 trillion but facing renewed caution as traders recalibrated risk exposure. On-chain data suggested Galaxy Digital’s transfer could represent a liquidity strategy or client-directed activity, though the firm’s intentions remain unclear [4]. Meanwhile, Bitcoin continued to oscillate within a $117,000–$120,000 range, with traders monitoring for potential follow-through actions [5].

Market participants stressed the need to track weekend trading volumes and institutional activity. While a further pullback might offer entry points for long-term investors, short-term volatility is expected to persist due to uncertainty around dormant coin movements [6]. The event has also reignited debates about the influence of large holders on price dynamics, with some analysts arguing that the reawakening of old coins challenges the narrative of unwavering bullish momentum [4].

Source: [1] [Bitcoin Surges Past $118,000 Despite Recent Volatility](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-surges-118-000-volatility-institutional-adoption-sustains-recovery-2507/)

[2] [3 Reasons the Bitcoin Surge Isn’t Over](https://www.mitrade.com/insights/news/live-news/article-8-989807-20250727)

[3] [Bitcoin Above $119,000 Could Trigger $948M in Short Liquidation](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-119-000-trigger-948m-short-liquidations-cexs-data-shows-2507/)

[4] [Galaxy Digital Moves 10K BTC From Dormant Wallets](https://thecurrencyanalytics.com/bitcoin/galaxy-digital-transfers-10000-satoshi-era-bitcoins-triggers-price-dip-to-115k-187287)

[5] [XT Community News](https://www.xt.com/en/blog/community-news/2025-07-26T20:50:18.000Z)

[6] [Where Cryptos May Be Heading Next](https://www.barrons.com/magazine/june+32025)